§ 3904. Limitations on discount payments
313 words·~1 min read·
/usc/title-31/section-3904A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The head of an agency offered a discount by a business concern from an amount due under a contract for property or service in exchange for payment within a specified time may pay the discounted amount only if payment is made within the specified time. For the purpose of the preceding sentence, the specified time shall be determined from the date of the invoice. The head of the agency shall pay an interest penalty on an amount remaining unpaid in violation of this section. The penalty accrues as provided under sections 3902 and 3903 of this title, except that the required payment date for the unpaid amount is the last day specified in the contract that the discounted amount may be paid.
(Added Pub. L. 97–452, § 1(18)(A), Jan. 12, 1983, 96 Stat. 2476; amended Pub. L. 100–496, § 8, Oct. 17, 1988, 102 Stat. 2460.)
The word “otherwise” is omitted as surplus. The words “may pay the discounted amount” are substituted for “may make payment in an amount equal to the discounted price” to eliminate unnecessary words. The words “on such unpaid amount” and “the regulations prescribed pursuant to” are omitted as surplus. The words “specified in the contract that the discounted amount may be paid” are substituted for “of the specified period of time described in subsection (a)” for clarity.
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U.S. Code
6 references not yet in our index
- Pub. L. 97–452, § 1(18)(A)
- 96 Stat. 2476
- Pub. L. 100–496, § 8
- 102 Stat. 2460
- Pub. L. 100–496
- section 14(a) of Pub. L. 100–496
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§ 3904
Limitations on discount payments
U.S.C.×3
Stat.×1
Pub. L.Pub. L. 97–452, § 1(18)(A)
Stat.96 Stat. 2476
Pub. L.Pub. L. 100–496, § 8
Stat.102 Stat. 2460
Pub. L.Pub. L. 100–496
Cites 7 · showing 6Cited by 4 across 2 sources