[Code of Federal Regulations]
[Title 48, Volume 1]
[Revised as of October 1, 2002]
From the U.S. Government Printing Office via GPO Access
[CITE: 48CFR32.614-1]

[Page 665]
 
            TITLE 48--FEDERAL ACQUISITION REGULATIONS SYSTEM
 
                CHAPTER 1--FEDERAL ACQUISITION REGULATION
 
PART 32--CONTRACT FINANCING--Table of Contents
 
                      Subpart 32.6--Contract Debts
 
Sec. 32.614-1  Interest charges.

    (a) Under the clause at 52.232-17, Interest, the responsible 
official shall apply interest charges to any contract debt unpaid after 
30 days from the issuance of a demand, unless--
    (1) The contract specifies another due date or procedure for 
charging or collecting interest;
    (2) The contract is a kind excluded under 32.617; or
    (3) The contract or debt has been exempted from interest charges 
under agency procedures.
    (b) If not already applicable under the contract terms, interest on 
contract debt shall be made an element of any agreement entered into on 
deferment of collection.
    (c) Unless specified otherwise in the clause at FAR 52.232-17, the 
interest charge shall be at the rate established by the Secretary of the 
Treasury under Public Law 92-41 for the period in which the amount 
becomes due. The interest charge shall be computed for the actual number 
of calendar days involved beginning on the due date and ending on--
    (1) The date on which the designated office receives payment from 
the contractor;
    (2) The date of issuance of a Government check to the contractor 
from which an amount otherwise payable has been withheld as a credit 
against the contract debt;
    (3) The date on which an amount withheld and applied to the contract 
debt would otherwise have become payable to the contractor; or
    (4) The date of any applicable tax credit under 32.607.

[48 FR 42328, Sept. 19, 1983, as amended at 56 FR 29128, June 25, 1991; 
61 FR 18922, Apr. 29, 1996]