Code of Federal Regulations · Section

§ 32.502-2 — 32.502-2 Contract Finance Office Clearance

48 C.F.R. § 32.502-2

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The contracting officer shall obtain the approval of the contract finance office or other offices designated under agency procedures before taking any of the following actions:

(a) Providing a progress payment rate higher than the customary rate (see 32.501-1).

(b) Deviating from the progress payments terms prescribed in this part.

(c) Providing progress payments to a contractor—

(1) Whose financial condition is in doubt;

(2) Who has had an advance payment request or loan guarantee denied for financial reasons (or approved but withdrawn or lapsed) within the previous 12 months; or

(3) Who is named in the consolidated list of contractors indebted to the United States (known commonly as the Hold-up List).

48 C.F.R. § 32.502-1 48 C.F.R. § 32.502-3

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