Assignment of Claims Under Public Contracts: Hearing Before the Committee on Banking and Currency, United States Senate, Seventy-sixth Congress, Third Session, on S. 4340, a Bill to Assist in the National-defense Program by Amending Sections 3477 and 3737 of the Revised Statutes to Permit the Assignment of Claims Under Public Contracts. September 14, 1940 ...U.S. Government Printing Office, 1940 - Contracts |
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Accounting Office Act shall constitute amending sections 3477 Army ASSIGNMENT OF CLAIMS assignment pursuant bank and borrow BANKING AND CURRENCY BILL To assist Board of Governors borrow money CHAIRMAN CLAIMS UNDER PUBLIC contract as security contract claims contractors contrary governing Counsel enacted Federal lending agency Federal Reserve Board Federal Reserve System financing institution financing the performance FRAZIER governing the validity including any Federal JUDGE ADVOCATE loans lower the limit Major BRANNON McKEE ment National Defense Council national defense program national-defense program Notwithstanding any law objection old law permit the assignment program by amending proposed legislation provisions PUBLIC CONTRACTS Revised Statutes ROBERT F salaries Senator ADAMS Senator BARKLEY Senator CLARK Senator HUGHES Senator RADCLIFFE Senator TOWNSEND SENATOR WAGNER SEPTEMBER 14 signify by saying small contracts smaller Statutes to permit take an assignment troller General's Office trustee UNITED STATES SENATE valid assignment validity of assign War Department Washington WYATT
Popular passages
Page 1 - Government under this contract may be assigned to a bank, trust company, or other financing institution, including any Federal lending agency, and may thereafter be further assigned and reassigned to any such institution.
Page 1 - ... assigned and reassigned to any such institution. Any such assignment or reassignment shall cover all amounts payable under this contract and not already paid, and shall not be made to more than one party, except that any such assignment or reassignment may be made to on« party as agent or trustee for two or more parties participating in such financing.
Page 1 - October 9, 1940, no claim shall be assigned if it arises under a contract which forbids such assignment ; 3. That unless otherwise expressly permitted by such contract any such assignment shall cover all amounts payable under such contract and not already paid, shall not be made to more than one party, and shall not be subject to further assignment, except that any such assignment may be made to one party as agent or trustee for two or more parties participating in such financing ; 4. That in the...
Page 1 - File written notice of the assignment together with a true copy of the instrument of assignment with (a) the contracting officer or the head of his department or agency; (b) the surety or sureties upon the bond or bonds, if any, in connection with such contract; and (c) the disbursing officer, if any, designated in such contract to make payment.
Page 1 - employer' shall not include any company by reason of its being engaged in the mining of coal, the supplying of coal to an employer where delivery is not beyond the mine tipple, and the operation of equipment or facilities therefor, or in any of such activities.
Page 1 - (b) the contracting officer or the head of his department or agency, "(c) the surety or sureties upon the bond or bonds, if any, in connection with such contract, and "(d) the disbursing officer, if any, designated in such contract to make payment. Notwithstanding any law to the contrary governing the validity of assignments, any assignment pursuant to the Assignment of Claims Act of 1940 shall constitute a valid assignment for all purposes.
Page 1 - ... 2. That in the case of any contract entered into after October 9, 1940, no claim shall be assigned if it arises under a contract which forbids such assignment; 3. That unless otherwise expressly permitted by such contract any such assignment shall cover all amounts payable under such contract and not already...
Page 1 - States. [The provisions of the preceding paragraph shall not apply in any case in which the moneys due or to become due from the United States or from any agency or department thereof, under a contract providing for payments aggregating $1,000 or more, are assigned to a bank, trust company, or other financing institution, including any Federal lending agency : Provided, 1.
Page 3 - The Council believes this suggested amendmeiit to the law especially important at this time, since the Government's preparedness program whenever put into effect will result in the necessity of placing large orders for materials of all kinds. Many small and...