Interest and penalties for certain overpayments

U.S.C. Title 41 - PUBLIC CONTRACTS 41 U.S.C. United States Code, 2023 Edition Title 41 - PUBLIC CONTRACTS Subtitle I - Federal Procurement Policy Division C - Procurement CHAPTER 35 - TRUTHFUL COST OR PRICING DATA Sec. 3507 - Interest and penalties for certain overpayments From the U.S. Government Publishing Office, www.gpo.gov

§3507. Interest and penalties for certain overpayments

(a) In General.—If the Federal Government makes an overpayment to a contractor under a contract with an executive agency subject to this chapter and the overpayment was due to the submission by the contractor of defective cost or pricing data, the contractor shall be liable to the Federal Government— (1) for interest on the amount of the overpayment, to be computed— (A) for the period beginning on the date the overpayment was made to the contractor and ending on the date the contractor repays the amount of the overpayment to the Federal Government; and (B) at the current rate prescribed by the Secretary of the Treasury under section 6621 of the Internal Revenue Code of 1986 (26 U.S.C. 6621); and

(2) if the submission of the defective data was a knowing submission, for an additional amount equal to the amount of the overpayment.

(b) Liability Not Affected by Refusal To Submit Certification.—Any liability under this section of a contractor that submits cost or pricing data but refuses to submit the certification required by section 3502(b) of this title with respect to the cost or pricing data is not affected by the refusal to submit the certification.

(Pub. L. 111–350, §3, Jan. 4, 2011, 124 Stat. 3769.)

Historical and Revision Notes Revised SectionSource (U.S. Code)Source (Statutes at Large)

3507 41:254b(f). June 30, 1949, ch. 288, title III, §304A(f), as added Pub. L. 103–355, title I, §1251(a)(2), Oct. 13, 1994, 108 Stat. 3283.