This preview shows page 1. Sign up to view the full content.
Unformatted text preview: MGMT 5211
Briefly (no more than ½ page) describe when the Prompt Payment is triggered (assuming the
appropriate clause is included in the contract).
Prompt payment rule is referring to the timely payment to the vendor by the federal agencies.
Under this rule the agencies or government has to pay an interest on the amounts not paid within
the required period to the vendors in the form of penalties. The prompt payment Act requires that
the Government make payment within 30 days from the date of submission of a properly
prepared invoice by a contractor. In other words there is a provision of 1% interest payment on
the unpaid amounts. In addition, the Act allows a contractor, and subcontractor to suspend work
upon seven days written notice. Prompt Payment is triggered when the contractor receives a
progress payment from the owner.
For the three types of intellectual property covered in Chapter 11, briefly describe when the
Government has title.
Generally, there are three types of intellectual property which includes;
• Patent protection
• Copyright material
• Technical data and computer software protection
Before 1980, the federal government gets title to any patented or patentable subject invention
conceived or developed under federal funding. In the year 1980 the congress passes the act
which allowed the contractor’s and government to retain title from the intellectual property. To
retain title, a contractor has to meet reporting and other requirements in 35 U.S.C. Sect. 202
within a specific time period to identify and protect its patent rights. If the contractor is become
failure to do so, this will result in a contractor losing title to such intellectual property. ...
View Full Document
- Spring '11