LESSON 6 answer - MGMT 5211 Lesson 6 Topic 2 Briefly(no...

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Unformatted text preview: MGMT 5211 Lesson 6 Topic 2 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. Topic 3 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. ...
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