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B-107871 1 (1981-07-31)

handle is hein.gao/gaobabkcw0001 and id is 1 raw text is: COMPTROLLER GENERAL OF THE UNITED STATES z°WASHINGTON D.C. 2054 B-107871 July 31, 1981 The Honorable John C. Danforth Chairman, Subcommittee on Federal Expenditures, Research and Rules Committee on Governmental Affairs United States Senate Dear Mr. Chairman: This is in response to your request of July 10, 1981, for ourcomments on H.R. 1371, an act to amend the Contract Disputes Act of 19787(Pub. L. No. 95-563). The bill is to amend section 12 of the act concerning the payment of interest on amounts found due contractors on claims. The first change substitutes January 1, 1981, and ending on June 30, 1981, for July 1, 1979, and ending on December 31, 1979. This change will merely have the act reflect the current 6-month period for the computation of interest. The second change, which requires no substantive comment, deletes the reference in the act to the Renegotia- tion Board because of its abolishment and makes clear that the Secretary of the Treasury is to establish the rate of interest payable on claims every 6 months and publish each rate in the Federal Register. Both of these changes follow suggestions contained in correspondence from our Office, dated April 10, 1979, and March 3, 1981, to the House Committee on the Judiciary. The other change to the bill involves the manner in which interest will be paid to contractors. When we first recommended this legislation (B-197871, April 10, 1979, reprinted in H.R. Rep. No. 97-47 at page 6), our proposed bill specified that Interest with respect to a particular claim shall be paid at

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