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OnDemand Webinar

Prompt Payment or Prompt Penalties in Federal Projects: What You Don't Know Will Cost You

This OnDemand Webinar will cover the requirements of the Federal Prompt Payment laws related specifically to federal construction projects. The program will address recent changes in the Prompt Payment laws and regulations, and will provide guidance related to proper payment requests, what may and may not be withheld from a requested payment, what must be done in order to properly withhold all or a portion of a requested payment, and the timing of when payment must be made to avoid penalties, including when advance or accelerated payment may be appropriate. The OnDemand Webinar will also address different types of projects, including financed projects and performance based contracts, as well as how discounts for prompt payment may give your company an edge when bidding in federal projects. Those who perform construction related work for federal agencies will find this program helpful and informative, which includes contractors, construction managers, architects, engineers, subcontractors, and material suppliers. Those who will also benefit include entities that finance federal construction projects or those who regularly assign payments or receive assigned payments from federal projects.

Learning Objectives

  • You will be able to define prompt payment and how it is applicable to different types of professionals.
  • You will be able to discuss recent changes in the Prompt Payment law and regulations.
  • You will be able to explain what may and may not be withheld from a requested payment.
  • You will be able to review different types of projects.

Runtime: 90 minutes
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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Prompt Payment Background and Applicable Law

  • Chapter 39 Prompt Payment - 31 U.S.C. 3901-3907
  • 5 C.F.R. 1315 (Formerly Circular A-125)
  • FAR 32.9, 52.232

Application

  • Contractors
  • Subcontractors/Lower Tier Contractors
  • Architects/Engineers
  • Material Suppliers
  • Exemptions

Payment and Timing

  • General Documentation and Process for Payment
  • Fixed Price Construction Contracts
  • T&M and Hourly Labor Contracts
  • Architect/Engineer Contracts
  • Material Suppliers
  • Advance/Accelerated Payments
  • Discounts for Prompt Payment
  • Electronic Payment

Withholding

  • Notice Requirements
  • Limitations on Withholding

Financed Contracts and Assignment of Payments

Performance Based Contract Payments

Interest and Penalties for Late Payment

  • Interest for Late Payment
  • Other Penalties for Late Payment/Failure to Comply

Disputes

Questions and Answers

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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This course was last revised on December 9, 2011.

Call 1-866-352-9540 for further credit information.

No Credit Available

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Sean D. Thueson, Esq.

Sean D. Thueson, Esq.

Holland & Hart LLP

  • Partner with the law firm of Holland & Hart LLP
  • Joined the firm in 2006 to open the Las Vegas, Nevada office where he practices complex commercial, real estate and construction law
  • Represented an array of construction professionals including owners, developers, general contractors, subcontractors and design professionals in large complex litigation and alternative dispute resolution
  • Represented clients in contract claims, negligence and intentional torts, product liability, insurance coverage claims, lien claims, prompt payment claims, prevailing wage issues, bond issues, and bid protests and disputes for public works and private projects in both state and federal forums
  • Successfully litigated issue concerning whether the economic loss doctrine applies to design professionals in nonresidential construction projects, obtaining published decision by the Nevada Supreme Court: Terracon Consultants Western, Inc. v. Mandalay Resort Group, 125 Nev. 66, 206 P.3d 81 (2009)
  • Obtained multimillion dollar payment for grading subcontractor, following week long wrongful termination arbitration against public works general contractor, including complete defense of general contractor’s counterclaims
  • Obtained multimillion dollar settlement for large residential homebuilder concerning defective work by various contractors affecting over 500 homes
  • Advise owners, design professionals, and contractors concerning issues regarding prompt payment on private and public works projects
  • J.D. degree, with honors, Order of the Coif and Order of the Barristers, University of Wyoming; B.A. degree, Humboldt State University
  • Can be contacted at 702-669-4622 or [email protected]
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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

All of your training, right here at Lorman.

Pay once and get a full year of unlimited training in any format, any time!

  • Live Webinars
  • OnDemand Webinars
  • MP3 Downloads
  • Course Manuals
  • Audio Recordings*
  • Executive Reports
  • White Papers and Articles
  • Sponsored Live Webinars

Additional benefits include:

  • State Specific Credit Tracker
  • Members Only Newsletter
  • All-Access Pass Course Concierge

* For audio recordings you only pay shipping

Questions? Call 877-296-2169 to speak with a real person.

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Product ID: 388272
Published 2011
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