Councils Seek Changes To TINA Interest Calculations

Law360, New York (September 22, 2010, 4:18 PM EDT) -- Two government councils have proposed a revision to three clauses of the Federal Acquisition Regulation in order to clarify the statutory method for calculating interest when a contractor is found to be in violation of the Truth in Negotiation Act.

The Civilian Agency Acquisition Council and the Defense Acquisition Regulations Council announced their proposed amendment to Part 52 of the FAR in a notice published in Wednesday's Federal Register.

Specifically, the proposed rule would replace the term “simple interest” as the requirement for calculating interest for...
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