Proposed Rule Requires Prime Contractor to Report Late or Reduced Payments to Small Business Subcontractors
On January 20, 2016, the Department of Defense, General Services Administration, and NASA issued a proposed rule to amend the FAR and implement a section of the Small Business Jobs Act of 2010.
This proposed rule, which will implement Section 1334 of the Small Business Jobs Act of 2010 and the Small Business Administration’s (SBA) implementation of Section 1334, requires that, among other things, a prime contractor (1) notify the contracting officer, in writing, if the contractor makes a reduced or untimely payment to a small business subcontractor; and (2) disclose the reasons for the reduced [...]Read more