Effective 04/24/90
| Terms: | $10,000, due in 30 days |
| Facts: | An improper invoice was returned to the contractor on the 10th day after receipt which was 3 days over the 7 day period allowed, thereby reducing the due date of a corrected invoice to 27 days. A corrected proper invoice was paid on the 50th day after receipt. |
| Days Interest Penalty: | 23 |
| Interest Computation: | $10,000 x 7% x 23/360 = $44.72 Interest Penalty |
NOTE: The 7% interest rate used above is for illustrative purposes only. The current "Renegotiation Board Interest Rate" should be used in actual cases.