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Tool Name: AI-Powered FAR Navigator Tool by CLEATUS AI
Purpose: To simplify and accelerate the process of understanding the Federal Acquisition Regulation (FAR) for government contractors.
Key Features:
- Provides AI-generated, plain-English summaries for all FAR clauses.
- Highlights relationships and dependencies between different FAR sections and clauses.
- Offers a searchable, browsable, and interactive interface for the entire FAR document.
- Includes a free-to-use search and navigation tool.
Target Audience: Small-to-mid-sized government contractors, proposal writers, and compliance officers who need to quickly understand FAR requirements.
Primary Benefit: Reduces the time and effort required to interpret complex legal and regulatory language, improving efficiency and compliance.

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32.1102 - Definitions | FAR Navigator

32.1102

Definitions

Clear understanding of EFT-related definitions is essential for accurate and timely electronic payments in government contracts.

Overview

FAR 32.1102 provides definitions for key terms related to electronic funds transfer (EFT) payments within government contracts. Understanding these definitions is essential for both contractors and contracting officers to ensure proper compliance with payment procedures under Subpart 32.11. The section clarifies what constitutes EFT information, the use of governmentwide commercial purchase cards, and the meaning of payment information as it relates to government transactions. These definitions set the foundation for the requirements and processes that follow in the subpart, particularly regarding electronic payment methods and the information exchanged between the government and contractors.

Key Rules

Electronic Funds Transfer Information (EFT)
- EFT information includes all data necessary to process payments electronically through specified mechanisms.
Governmentwide Commercial Purchase Card
- This card functions like a commercial credit card and is used for making payments for supplies and services, serving as an EFT method within certain limits.
Payment Information
- Payment information refers to the advice provided by the government to contractors, detailing payment purposes, calculations, adjustments, and compliance with the Prompt Payment Act.

Responsibilities

Contracting Officers: Must ensure contractors provide accurate EFT information and understand the use of purchase cards and payment information.
Contractors: Must supply correct EFT data, recognize purchase card payments, and review payment information for accuracy.
Agencies: Oversee the correct application of these definitions in payment processes and ensure compliance with the Prompt Payment Act.

Practical Implications

This section ensures all parties have a common understanding of terms critical to electronic payments, reducing errors and disputes.
Contractors must be diligent in providing and updating EFT information and monitoring payment details.
Misunderstanding these definitions can lead to payment delays or compliance issues.

General Contracts

Accept and process payments via governmentwide commercial purchase card when applicable.

Provide accurate EFT information to the government.

Review payment information provided by the government for accuracy and compliance with the Prompt Payment Act.

References done in this section

32.11Electronic Funds Transfer

32.1102

Definitions

Clear understanding of EFT-related definitions is essential for accurate and timely electronic payments in government contracts.

Overview

Key Rules

Electronic Funds Transfer Information (EFT)
- EFT information includes all data necessary to process payments electronically through specified mechanisms.
Governmentwide Commercial Purchase Card
- This card functions like a commercial credit card and is used for making payments for supplies and services, serving as an EFT method within certain limits.
Payment Information
- Payment information refers to the advice provided by the government to contractors, detailing payment purposes, calculations, adjustments, and compliance with the Prompt Payment Act.

Responsibilities

Contracting Officers: Must ensure contractors provide accurate EFT information and understand the use of purchase cards and payment information.
Contractors: Must supply correct EFT data, recognize purchase card payments, and review payment information for accuracy.
Agencies: Oversee the correct application of these definitions in payment processes and ensure compliance with the Prompt Payment Act.

Practical Implications

This section ensures all parties have a common understanding of terms critical to electronic payments, reducing errors and disputes.
Contractors must be diligent in providing and updating EFT information and monitoring payment details.
Misunderstanding these definitions can lead to payment delays or compliance issues.

General Contracts

Accept and process payments via governmentwide commercial purchase card when applicable.

Provide accurate EFT information to the government.

Review payment information provided by the government for accuracy and compliance with the Prompt Payment Act.

References done in this section

32.11Electronic Funds Transfer

32.1102

Definitions

Clear understanding of EFT-related definitions is essential for accurate and timely electronic payments in government contracts.

Overview

Key Rules

Electronic Funds Transfer Information (EFT)
- EFT information includes all data necessary to process payments electronically through specified mechanisms.
Governmentwide Commercial Purchase Card
- This card functions like a commercial credit card and is used for making payments for supplies and services, serving as an EFT method within certain limits.
Payment Information
- Payment information refers to the advice provided by the government to contractors, detailing payment purposes, calculations, adjustments, and compliance with the Prompt Payment Act.

Responsibilities

Contracting Officers: Must ensure contractors provide accurate EFT information and understand the use of purchase cards and payment information.
Contractors: Must supply correct EFT data, recognize purchase card payments, and review payment information for accuracy.
Agencies: Oversee the correct application of these definitions in payment processes and ensure compliance with the Prompt Payment Act.

Practical Implications

This section ensures all parties have a common understanding of terms critical to electronic payments, reducing errors and disputes.
Contractors must be diligent in providing and updating EFT information and monitoring payment details.
Misunderstanding these definitions can lead to payment delays or compliance issues.

32.1102

Definitions

Clear understanding of EFT-related definitions is essential for accurate and timely electronic payments in government contracts.

Overview

Key Rules

Electronic Funds Transfer Information (EFT)
- EFT information includes all data necessary to process payments electronically through specified mechanisms.
Governmentwide Commercial Purchase Card
- This card functions like a commercial credit card and is used for making payments for supplies and services, serving as an EFT method within certain limits.
Payment Information
- Payment information refers to the advice provided by the government to contractors, detailing payment purposes, calculations, adjustments, and compliance with the Prompt Payment Act.

Responsibilities

Contracting Officers: Must ensure contractors provide accurate EFT information and understand the use of purchase cards and payment information.
Contractors: Must supply correct EFT data, recognize purchase card payments, and review payment information for accuracy.
Agencies: Oversee the correct application of these definitions in payment processes and ensure compliance with the Prompt Payment Act.

Practical Implications

This section ensures all parties have a common understanding of terms critical to electronic payments, reducing errors and disputes.
Contractors must be diligent in providing and updating EFT information and monitoring payment details.
Misunderstanding these definitions can lead to payment delays or compliance issues.

32.1102

Definitions

Clear understanding of EFT-related definitions is essential for accurate and timely electronic payments in government contracts.

Overview

Key Rules

Electronic Funds Transfer Information (EFT)
- EFT information includes all data necessary to process payments electronically through specified mechanisms.
Governmentwide Commercial Purchase Card
- This card functions like a commercial credit card and is used for making payments for supplies and services, serving as an EFT method within certain limits.
Payment Information
- Payment information refers to the advice provided by the government to contractors, detailing payment purposes, calculations, adjustments, and compliance with the Prompt Payment Act.

Responsibilities

Contracting Officers: Must ensure contractors provide accurate EFT information and understand the use of purchase cards and payment information.
Contractors: Must supply correct EFT data, recognize purchase card payments, and review payment information for accuracy.
Agencies: Oversee the correct application of these definitions in payment processes and ensure compliance with the Prompt Payment Act.

Practical Implications

This section ensures all parties have a common understanding of terms critical to electronic payments, reducing errors and disputes.
Contractors must be diligent in providing and updating EFT information and monitoring payment details.
Misunderstanding these definitions can lead to payment delays or compliance issues.

32.1102

Definitions

Clear understanding of EFT-related definitions is essential for accurate and timely electronic payments in government contracts.

Overview

Key Rules

Electronic Funds Transfer Information (EFT)
- EFT information includes all data necessary to process payments electronically through specified mechanisms.
Governmentwide Commercial Purchase Card
- This card functions like a commercial credit card and is used for making payments for supplies and services, serving as an EFT method within certain limits.
Payment Information
- Payment information refers to the advice provided by the government to contractors, detailing payment purposes, calculations, adjustments, and compliance with the Prompt Payment Act.

Responsibilities

Contracting Officers: Must ensure contractors provide accurate EFT information and understand the use of purchase cards and payment information.
Contractors: Must supply correct EFT data, recognize purchase card payments, and review payment information for accuracy.
Agencies: Oversee the correct application of these definitions in payment processes and ensure compliance with the Prompt Payment Act.

Practical Implications

This section ensures all parties have a common understanding of terms critical to electronic payments, reducing errors and disputes.
Contractors must be diligent in providing and updating EFT information and monitoring payment details.
Misunderstanding these definitions can lead to payment delays or compliance issues.

Features

Win more contracts with AI-powered tools and comprehensive market intelligence

Overview

Key Rules

Responsibilities

Practical Implications

Applicability

Compliance

Key Terms

Cross References

Overview

Key Rules

Responsibilities

Practical Implications

Applicability

Compliance

Key Terms

Cross References

Overview

Key Rules

Responsibilities

Practical Implications

Overview

Key Rules

Responsibilities

Practical Implications

Overview

Key Rules

Responsibilities

Practical Implications

Overview

Key Rules

Responsibilities

Practical Implications