FAR 52.232-33 — Payment by Electronic Funds Transfer — System for Award Management
Requires contractor banking information to be maintained in SAM.gov and payments to be made via EFT to the SAM-listed account.
When This Clause Applies
Required in nearly all federal contracts. Limited exceptions for foreign vendors or specific waivers.
What This Means for Contractors
Banking information must be current in SAM.gov; payments only go to the listed account. EFT fraud — where bad actors change the banking info via phishing or compromised credentials — is a growing concern. Multi-factor authentication on SAM.gov and verification protocols for any banking change requests are essential.
Common Pitfalls
- 1Not enabling MFA on the SAM.gov entity administrator account
- 2Acting on email-based banking change requests without verification
- 3Stale banking info that bounces payments
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