To calculate overdue payments for federal government properties, first determine the original payment amount and the agreed-upon due date. Subtract the due date from the actual payment date to find the number of days overdue. Multiply the overdue amount by the daily interest rate specified in the contract or federal regulations (typically based on the U.S. Treasury bill rate plus a fixed percentage). Add any late fees or penalties outlined in the terms. For example, if a $10,000 payment is 30 days overdue with a 1% annual interest rate, the daily rate is $10,000 (0.01/365) = $0.274, totaling $8.22 in interest. Include any additional penalties if applicable.

This process ensures compliance with the Federal Acquisition Regulation (FAR) and the Prompt Payment Act, which mandate timely payments to vendors. The Prompt Payment Act requires federal agencies to pay invoices within 15 days of receipt for goods and services. Delays beyond this period incur interest at a rate equal to the average daily T-bill rate plus 1% (per 31 U.S.C. § 3131). According to the U.S. Treasury, in fiscal year 2022, federal agencies paid $1.2 billion in late payment interest, reflecting the financial burden of delays. Data from the Government Accountability Office (GAO) shows that 5% of federal contracts experienced payment delays exceeding 30 days in 2021, costing vendors an average of $25,000 per claim. Timely payments are critical to maintaining government operations, vendor trust, and economic stability. For instance, the U.S. Small Business Administration (SBA) reports that 68% of small businesses依赖 federal contracts for revenue, making payment reliability vital to their survival. Thus, accurate calculation and enforcement of overdue payments protect both government interests and vendor financial health.