Difference between revisions of "Contract Financing Payment"
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Latest revision as of 15:41, 21 May 2014
“Contract financing payment” means an authorized Government disbursement of monies to a contractor prior to acceptance of supplies or services by the Government[1].
(1) Contract financing payments include—
- (i) Advance payments;
- (ii) Performance-based payments;
- (iii) Commercial advance and interim payments;
- (iv) Progress payments based on cost under the clause at 52.232-16, Progress Payments;
- (v) Progress payments based on a percentage or stage of completion (see 32.102(e)), except those made under the clause at 52.232-5, Payments Under Fixed-Price Construction Contracts, or the clause at 52.232-10, Payments Under Fixed-Price Architect-Engineer Contracts; and
- (vi) Interim payments under a cost reimbursement contract, except for a cost reimbursement contract for services when Alternate I of the clause at 52.232-25, Prompt Payment, is used.
(2) Contract financing payments do not include—
- (i) Invoice payments;
- (ii) Payments for partial deliveries; or
- (iii) Lease and rental payments.
References
- ↑ 32.001 Definitions., May 2014