New Self-Reporting Requirement for Late Payments Made to Subcontractors | PNWC’s Government Contracting Update

The FAR Councils issued a final rule amending the FAR (Federal Acquisition Regulation) that will require contractors to notify the contracting officer, in writing, if the contractor pays a reduced price to a small business subcontractor or if the contractor’s payment to a small business subcontractor is more than 90 days past due. The rule also requires contracting officers to record the identity of contractors with a history of late or reduce payments to small business subcontractors in FAPIIS.

Source: PNWC’s Government Contracting Update: New Self-Reporting Requirement for Late Payments Made to Subcontractors