Prompt Payment Act Amendments of 1987

[AI summary unavailable — showing source text] Prompt Payment Act Amendments of 1987 - Revises Federal law to deem the head of a Federal agency to have received an invoice on the later of: (1) the date on which the designated office or employee of an agency actually receives it; or (2) the fifth day after the date on which a property is actually delivered, or final performance of a service is actually completed, unless the contract specifies otherwise. Makes Federal prompt payment provisions applicable to the United States Postal Service. Makes the Postmaster General responsible for issuing procurement regulations, solicitation provisions, and contract clauses. Reduces the 15-day grace period for payment of interest penalties to eight days for solicitations (other than meat products and agricultural commodities) issued before October 1, 1990. Eliminates such grace period for procurement solicitations issued on or after October 1, 1990. Requires an agency to pay a double interest penalty if: (1) the agency owes the interest penalty; (2) the interest penalty is not paid to the business concern on or after the date the penalty is due; (3) the agency does not pay the penalty within ten days after such payment is made; and (4) a wri…