New Federal Acquisition Regulation Rule – Reporting Reduced or Untimely Payments to Small Business Subcontractors

The FAR Council has issued a final rule amending the Federal Acquisition Regulation (‘FAR”) to implement a section of the Small Business Jobs Act of 2010.  The new rule, which goes into effect on January 19, 2017, will require certain prime contractors to “self-report” to their contracting officers all reduced or untimely payments to their small business subcontractors within 14 days of when the payment was due and the reason for the reduced or untimely payment.

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