Common use of Periods Not Subject to Interest Clause in Contracts

Periods Not Subject to Interest. The following periods of time shall not be included in the determination of an interest penalty: (1) The period taken to notify the vendor of defects in invoices submitted to the Government shall not exceed 25 days. (2) The period between notice of defects and re-submission of the corrected invoice by the vendor. (3) For incorrect EFT information, in accordance with the EFT clause of this BOA. (4) Interest penalties shall not continue to accrue after the filing of a claim for such penalties under the FAR clause at 52.233-1, Disputes (7/02), or for more than one year. Interest penalties of less than $1.00 need not be paid. (5) Interest penalties are not required on payment delays due to disagreement between the Government and vendor over the payment amount or other issues involving contract compliance or the amounts temporarily withheld or retained in accordance with the terms of the contract. Nor are interest penalties required on payment delays due to Acts of God, i.e., Hurricane, War or Security issues, i.e., 911 and when the Government is closed. Claims involving disputes, and any interest that may be payable, shall be resolved in accordance with the FAR clause at 52.233-1, Disputes (7/02), as amended by the Library.

Periods Not Subject to Interest. The following periods of time shall not be included in the determination of an interest penalty: (1) The period taken to notify the vendor of defects in invoices submitted to the Government shall not exceed 25 days. (2) The period between notice of defects and re-submission of the corrected invoice by the vendor. (3) For incorrect EFT information, in accordance with the EFT clause of this BOAIDIQ. (4) Interest penalties shall not continue to accrue after the filing of a claim for such penalties under the FAR clause at 52.233-1, Disputes (7/02MAY 2014), or for more than one year. Interest penalties of less than $1.00 need not be paid. (5) Interest penalties are not required on payment delays due to disagreement between the Government and vendor over the payment amount or other issues involving contract compliance or the amounts temporarily withheld or retained in accordance with the terms of the contract. Nor are interest penalties required on payment delays due to Acts of God, i.e., Hurricane, War or Security issues, i.e., 911 and when the Government is closed. Claims involving disputes, and any interest that may be payable, shall be resolved in accordance with the FAR clause at 52.233-1, Disputes (7/02MAY 2014), as amended by the Library.