Prompt Payment Act Amendments of 1988

The Prompt Payment Act Amendments of 1988 amends chapter 39 of title 31, United States Code, to require the Federal Government to pay interest on overdue payments. The law stipulates that a payment is deemed made on the date a check for payment is dated or an electronic fund transfer is made. It also provides for interest penalties on late payments and permits agencies to make periodic payments under property and service contracts. The amendments apply to payments under contracts awarded during or after the first fiscal quarter beginning more than 90 days after October 17, 1988.