32.1109
EFT information submitted by offerors
Offerors only need to submit EFT information once before award unless changes occur, and contracting officers must forward this information for payment processing.
Overview
FAR 32.1109 addresses the submission and handling of Electronic Funds Transfer (EFT) information by offerors during the government contracting process. If offerors are required to provide EFT information before contract award, the successful offeror does not need to resubmit this information after award unless there are changes or unless agency procedures require it to be included on invoices. The contracting officer is responsible for forwarding the provided EFT information to the appropriate office for payment processing. This ensures efficient and accurate payment setup while minimizing redundant administrative tasks for contractors.
Key Rules
- EFT Information Submission
- Offerors required to submit EFT information before award do not need to resubmit after award unless changes occur or agency invoice procedures require it.
- Contracting Officer Responsibility
- Contracting officers must forward the successful offeror's EFT information to the appropriate office for payment processing.
Responsibilities
- Contracting Officers: Must ensure EFT information is forwarded to the correct office and not require unnecessary resubmission from the contractor.
- Contractors: Only need to resubmit EFT information if there are changes or if required on invoices by agency procedures.
- Agencies: Must have procedures in place for handling and processing EFT information for payments.
Practical Implications
- This section streamlines the EFT information process, reducing administrative burden on contractors and ensuring timely payment setup.
- Contractors should maintain accurate EFT information and promptly communicate any changes.
- Failure to forward or update EFT information can delay payments and cause compliance issues.