52.232-38
Submission of Electronic Funds Transfer Information with Offer
Offerors must submit complete and accurate EFT information with their offer to ensure timely electronic payment if awarded a contract.
Overview
FAR 52.232-38 requires offerors to submit specific Electronic Funds Transfer (EFT) information with their offer when responding to a government solicitation. This provision ensures that, if awarded a contract, the government can make payments electronically to the contractor’s designated financial institution. The information provided fulfills the EFT requirements under the Payment by Electronic Funds Transfer-Other than System for Award Management clause (FAR 52.232-34), streamlining the payment process and reducing administrative delays.
Key Rules
- Submission of EFT Information with Offer
- Offerors must provide detailed EFT information as part of their proposal, including solicitation number, remittance address, authorized official’s details, and banking information.
- Satisfies 52.232-34 Requirements
- This submission meets the EFT information requirements under paragraphs (b)(1) and (j) of FAR 52.232-34 for contracts not using the System for Award Management (SAM).
Responsibilities
- Contracting Officers: Must ensure this provision is included in solicitations and verify receipt of required EFT information with offers.
- Contractors: Must accurately complete and submit all required EFT information with their offer.
- Agencies: Oversee compliance and ensure payment processes are not delayed due to missing or incorrect EFT data.
Practical Implications
- This provision exists to facilitate timely and accurate electronic payments to contractors.
- Missing or incorrect EFT information can delay contract award or payment.
- Contractors should verify banking details and authorized signatory information before submission to avoid administrative issues.