DOD Aims To Improve Tracking Of Late Contract Payments

Law360, New York (June 27, 2012, 8:39 PM EDT) -- The U.S. Department of Defense is trying to improve its monitoring of late payment penalties it has paid under commercial contracts, but still relies on incomplete and inaccurate data in tracking contracts subject to the Prompt Payment Act, according to a U.S. Government Accountability Office report Tuesday.

The DOD's processes to monitor late-payment penalties overlooked about $54 billion of commercial payments that were handled by Defense Department agencies other than the Defense Finance and Accounting Service, the central finance and accounting organization for the DOD, the...
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