Chapter 5

Definitions

Many of the terms related to the administration of the Prompt Payment Act have a common meaning in everyday life, but they take on a special meaning related to the act. For ease of reference, these terms are arranged alphabetically below. References to later chapters appear if a term is explored at length later in the book.

43. What constitutes an accelerated payment?

An accelerated payment is a payment that is made before the calculated due date.1 Chapter 8 discusses accelerated payments in more detail.

44. What is acceptance?

Acceptance is an acknowledgement by an authorized government official that goods or services received comply with contract requirements.2

45. Does acceptance apply to partial deliveries or just final ...

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