As prescribed in 3432.170, insert the following clause in all solicitations and contracts:
METHOD OF PAYMENT (AUG 1987)
(a) Payments under this contract will be made either by check or by wire transfer through the Treasury Financial Communications System at the option of the Government.
(b) The contractor shall forward the following information in writing to (designated payment party) not later than seven days after receipt of notice of award.
(1) Full name (where practicable), title, phone number, and complete mailing address of responsible official(s) to whom check payments are to be sent, and who may be contacted concerning the bank account information requested below.
(2) The following bank account information required to accomplish wire transfers:
(i) Name, address, and telegraphic abbreviation of the receiving financial institution:
(ii) Receiving financial institution's nine-digit American Bankers Association (ABA) identifying number for routing transfer of funds. (Provide this number only if the receiving financial institution has access to the Federal Reserve Communications System.)
(iii) Recipient's name and account number at the receiving financial institution to be credited with the funds.
(iv) If the receiving financial institution does not have access to the Federal Reserve Communications System, provide the name of the correspondent financial institution through which the receiving financial institution receives electronic funds transfer messages. If a correspondent financial institution is specified, also provide the address and telegraphic abbreviation of that institution and its nine-digit ABA identifying number for routing transfer of funds.
(c) Any changes to the information furnished under paragraph (b) of this clause shall be furnished to (designated payment office) in writing at least 30 days before the effective date of the change. It is the contractor's responsibility to furnish these changes promptly to avoid payments to erroneous addresses or bank accounts.
(d) The document furnishing the information required in paragraphs (b) and (c) must be dated and contain the signature, title, and telephone number of the contractor's official authorized to provide it, as well as the contractor's name and contract number.
(End of clause)
