D.C. Mun. Regs. r. 27-3206

Current through Register Vol. 71, No. 24, June 14, 2024

Rule 27-3206 - INTEREST ON ADVANCE PAYMENTS

3206.1

The contracting officer shall charge interest on the daily unliquidated balance of all advance payments at the higher of the following rates:

(a) The published prime rate of the District banking institution in which the advance payments are deposited; or

(b) The rate of interest in the District allowed in judgments and decrees as set forth in the D.C. Code § 28-3302(c) (1981).

3206.2

The interest rate for advance payments shall be adjusted for changes in the prime rate or any change in rate established under D.C. Code § 28-3302(c) (1981).

3206.3

Interest shall be computed at the end of each month on the daily unliquidated balance of advance payments at the applicable daily interest rate.

3206.4

The contracting officer shall not allow interest charges for advance payments as reimbursable costs under cost-reimbursement contracts, whether the interest charge was incurred by the prime contractor or a subcontractor.

D.C. Mun. Regs. r. 27-3206

Final Rulemaking published at 35 DCR 1628 (February 26, 1988)