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Administration extends policy for prompt payment to contractors

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Administration extends policy for prompt payment to contractors

The administration extended for another year a policy that instructs agencies to pay invoices to contractors more quickly and require those contractors to in turn ensure timely payments to their small business subcontractors.

The extension will allow government to mull options for a longer term plan.

The July 11 memo from Steve VanRoekel, acting deputy director for the Office of Management and Budget, prolongs the requirements spelled out in a 2012 memo, which attempted to address challenges faced…

Read more about it here…

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