Sec. 4313. Payments
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/bill/113/hr/1793/ih/section-4313·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Except as provided in subsection (b), payment for defense articles or defense services under this chapter shall be made in advance or, if the President determines it to be in the national interest of the United States, upon delivery of the defense article or rendering of the defense service. If the President determines it to be in the national interest of the United States pursuant to subsection (a), billings for sales made under letters of offer issued under this section after the date of the enactment of this subsection may be dated and issued upon delivery of the defense article or rendering of the defense service and shall be due and payable upon receipt thereof by the purchasing country or international organization.
Interest shall be charged on any net amount due and payable which is not paid within 60 days after the date of such billing. The rate of interest charged shall be a rate not less than a rate determined by the Secretary of the Treasury taking into consideration the current average market yield on outstanding short-term obligations of the United States as of the last day of the month preceding the billing and shall be computed from the date of billing. The President may extend such 60-day period to 120 days if the President determines that emergency requirements of the purchaser for acquisition of such defense articles or defense services exceed the ready availability to the purchaser of funds sufficient to pay the United States in full for such articles or services within such 60-day period and submits that determination to the Congress together with a special emergency request for the authorization and appropriation of additional funds to finance such purchases under this Act.