法律英语单词“Prompt Payment Act ”的读音、释义及例句-英汉汉英法律词典-国际律师联盟

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词汇	Prompt Payment Act
释义	`1`Prompt Payment Act `2` "Legal Lexicon": PROMPT PAYMENT ACT - A law enacted in order to ensure that companies transacting business with the Government are paid in a timely manner. With certain exceptions, the Act requires that the Government make payment within 30 days from the date of submission of a properly prepared invoice by a contractor. For amounts not paid within the required period, the Government is obligated to pay interest at a rate established by the Secretary of the Treasury. At the time of original enactment, the law provided for a 15-day grace period in addition to the basic 30-day period; this provision was subsequently repealed due to perceived abuse by the Government.
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