52.232-38 Submission of Electronic Funds Transfer Information with Offer
Source: FAR 52.232-38 on acquisition.gov
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.
As prescribed in 32.1110(g), insert the following provision:
Submission of Electronic Funds Transfer Information with Offer (Jul 2013)
The offeror shall provide, with its offer, the following information that is required to make payment by electronic funds transfer (EFT) under any contract that results from this solicitation. This submission satisfies the requirement to provide EFT information under paragraphs (b)(1) and (j) of the clause at 52.232-34, Payment by Electronic Funds Transfer-Other than System for Award Management.
(1) The solicitation number (or other procurement identification number).
(2) The offeror’s name and remittance address, as stated in the offer.
(3) The signature (manual or electronic, as appropriate), title, and telephone number of the offeror’s official authorized to provide this information.
(4) The name, address, and 9-digit Routing Transit Number of the offeror’s financial agent.
(5) The offeror’s account number and the type of account (checking, savings, or lockbox).
(6) If applicable, the Fedwire Transfer System telegraphic abbreviation of the offeror’s financial agent.
(7) If applicable, the offeror shall also provide the name, address, telegraphic abbreviation, and 9-digit Routing Transit Number of the correspondent financial institution receiving the wire transfer payment if the offeror’s financial agent is not directly on-line to the Fedwire and, therefore, not the receiver of the wire transfer payment.
(End of provision)