Prompt Payment Improvement Act of 2002

Prompt Payment Improvement Act of 2002 - Requires: (1) the Director of the Office of Management and Budget to set forth in writing the prompt payment policy applicable to subcontractors under Federal contracts; and (2) the head of each Federal agency to provide a copy of such policy to each contractor and to require each contractor to provide a copy to each subcontractor.

Directs each agency head to require contractors to include in each subcontract a clause containing: (1) the requirements and penalties relating to the timely payment obligations of the Government and prime contractors; (2) the name and number of a senior employee with authority to resolve progress payment questions; and (3) the obligations of the Office of Small and Disadvantaged Business Utilization in assisting small business contractors and subcontractors in receiving prompt payments.