A bill to amend section 305 of the Federal Property and Administrative Services Act of 1949 pertaining to contract progress payments made by agencies of the Federal Government, to provide for the elimination of retainage in certain instances, and for other purposes.
Small Business Contract Payment Procedures Act - Amends the Federal Property and Administrative Services Act of 1949 to require that whenever an executive agency makes progress payments under a contract for property or services, the contracting officer shall authorize payment in full without retention of any percentage of the contract price if: (1) satisfactory progress toward complete performance of the contract was made during any period for which a progress payment is required; and (2) the party performing the contract is a small business which has furnished an adequate performance bond.
Introduced in House
Introduced in House
Referred to House Committee on Government Operations.
Executive Comment Requested from OMB, SBA, GSA.
Referred to Subcommittee on Government Activities and Transportation.
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