41 U.S.C. § 7109 Interest

• Library: United States Statutes
• Edition: 2023
• Currency: Current through P.L. 118-34 (published on www.congress.gov on 12/26/2023), except for [P. L. 118-31]
• Year: 2023
• Citation: 41 U.S.C. § 7109

(a) PERIOD.-

(1) IN GENERAL.-Interest on an amount found due a contractor on a claim shall be paid to the contractor for the period beginning with the date the contracting officer receives the contractor's claim, pursuant to section 7103(a) of this title, until the date of payment of the claim.

(2) DEFECTIVE CERTIFICATION.-On a claim for which the certification under section 7103(b)(1) of this title is found to be defective, any interest due under this section shall be paid for the period beginning with the date the contracting officer initially receives the contractor's claim until the date of payment of the claim.

(b) RATE.-Interest shall accrue and be paid at a rate which the Secretary of the Treasury shall specify as applicable for each successive 6-month period. The rate shall be determined by the Secretary of the Treasury taking into consideration current private commercial rates of interest for new loans maturing in approximately 5 years.

Cite as 41 U.S.C. § 7109

Source: Pub. L. 111-350, §3, Jan. 4, 2011, 124 Stat. 3825.

current through 5/22/2023

<TABLE> <TR><TD colspan="3">HISTORICAL AND REVISION NOTES</TD> </TR> <TR> <TD>Revised <para>Section</para> </TD> <TD>Source (U.S. Code)</TD> <TD>Source (Statutes at Large)</TD> </TR> <TR> <TD>7109(a)(1)</TD> <TD>41:611 (1st sentence).</TD> <TD>Pub. L. 95-563, §12, Nov. 1, 1978, 92 Stat. 2389.</TD> </TR> <TR> <TD>7109(a)(2)</TD> <TD>41:611 note.</TD> <TD> <actcitation href="" statecd="US" sessionyear="1992" actaltid="102-572">Pub. L. <actid>102-572</actid></actcitation>, <actseccitation href="" statecd="US" sessionyear="1992" actaltid="102-572">title IX, §<actsec>907</actsec>(a)(3), Oct. 29, <sessionyear>1992</sessionyear></actseccitation>, 106 Stat. 4518.</TD> </TR> <TR> <TD>7109(b)</TD> <TD>41:611 (last sentence).</TD> <TD/> </TR> </TABLE>