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D.C. Municipal Regulations (Last Updated: September 13, 2017) |
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Title 27. CONTRACTS AND PROCUREMENT |
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Chapter 27-32. CONTRACT FINANCING AND FUNDING |
Section 27-3206. INTEREST ON ADVANCE PAYMENTS
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3206.1The 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).
3206.2The 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).
3206.3Interest shall be computed at the end of each month on the daily unliquidated balance of advance payments at the applicable daily interest rate.
3206.4The 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.