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Provide a 7 pages analysis while answering the following question: Government Contracting/Acquisition/Procurement Law Contracting and Payment Options. Prepare this assignment according to the guidelin
Provide a 7 pages analysis while answering the following question: Government Contracting/Acquisition/Procurement Law Contracting and Payment Options. Prepare this assignment according to the guidelines found in the APA Style Guide. An abstract is required. y, the electronic funds transfer-EFT, which is a requirement for making payment for all Federal contracts except for international contractors that, are outside of the United States (the FAR 52.232-33) (Acquisition Central, 2014).
The performance based payment method is based on the attainment of some specific, measurable accomplishments or events, which are valued and defined before the start of the contract. PBP payment that is based on some quantifiable defined event or other measures. In addition, the PBP is regarded as the customary method of contract financing through which the price of the contract is recoverable in case the contractor defaults in completing the contract. Either PBP is not regard as payment for goods or services or received. payment for partial deliveries. an incentive arrangement or payment for costs already incurred.
Finally, PBPs are used for negotiated and fixed price contracts. On the other hand, partial payments is used for making payment for services and supplies for contracts that are part of a major contract. payment for cost already incurred. can be considered as an incentive arrangement for the contractors. it is payment for services and goods already accepted. Finally, the electronic funds transfer-EFT is mode of payment for all types of contracts of the Federal government, which incorporates all the aforementioned payment methods.
The Prompt Payment Act 32.9 was enacted in the year 1982 by the congress to speed up the process of making payment to contractors the moment they had submitted and met all the requirements stipulated in the law. The act required the state agencies to pay penalties in case they delayed the payment to the contractors in time. The three elements that stipulated in the act include:
The invoices or vouchers-Invoice for payment of construction contracts.
