This definition appears very rarely
and is found in the following Acronym Finder categories:
- Military and Government
- Business, finance, etc.
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Samples in periodicals archive:
Known as the Prompt Payment Act, it would require developers and prime contractors to pay their bills to lower end sub-contractors and tradespeople within a reasonable time frame, likely 30 days.
Agencies currently are required, via the Prompt Payment Act, to pay contractors within 30 days of receipt of relevant documents.
The State Prompt Payment Act and the Court of Claims Act have been amended to better enable persons designated by an Armed Forces member killed in the line of duty to obtain compensation.
Under the Prompt Payment Act, federal agencies that fall to make timely payment on proper invoices submitted for payment are required to automatically pay interest on those late payments--but only for the first 12 months.
Purposes of the 1982 Prompt Payment Act and 1988 Amendments
The Postmark Prompt Payment Act would allow a consumer to mail a payment to a creditor on the due date of the payment, and it still would be considered to have arrived on time.
Well, there's the Prompt Payment Act of 1982 that states that if the government doesn't pay its bill in 30 calendar days, it owes you your money plus a late interest penalty.
The WAWF system can reduce contract processing time while still following the Prompt Payment Act regulation.