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Prompt Payment

Prompt Payment

The Prompt Payment rule makes sure that valid and proper invoices submitted by vendors are paid on time by federal agencies. If a vendor submits a proper and valid invoice, the agency must pay it on time. If not, the payment is late.

In most cases when an agency pays a vendor late, it must pay interest. Prompt Payment determines those interest penalties and provides a variety of related resources for agency use.

The prompt payment interest rate for July 1, 2018 – December 31, 2018 is 3.500 percent.

Final Rule: 5 CFR Part 1315

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EARLY PAYMENTS ON-TIME AND LATE PAYMENTS

Resources

Discounts on Payments Discount Calculator Simple Daily Interest Calculator Compounding Monthly Interest Calculator Interest Rates Purchase Card Information Rebate Spreadsheet    

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Last modified 12/03/18