Short Take: Treasury Announces Decreased 2-3/8% Prompt Payment & Contract Disputes Interest Rate for 7/1/17-12/31/17
July 25, 2017
The Treasury Department has announced that the Prompt Payment Act interest rate is being decreased to 2-3/8% per annum for the period of July 1, 2017 through December 31, 2017. 82 Fed. Reg. 34348 (7/24/17). This interest rate is used to calculate the interest penalty payable by the Government when it fails to timely pay contractors for goods and services, as well as interest due on claims under…