Difference between revisions of "FAR 52.232-16 - Progress Payments"
(→=) |
|||
Line 1: | Line 1: | ||
==FAR 52.232-16 - Progress Payments (Apr 2012)<ref>https://acquisition.gov/far/current/html/52_232.html as of 1/22/14</ref>== | ==FAR 52.232-16 - Progress Payments (Apr 2012)<ref>https://acquisition.gov/far/current/html/52_232.html as of 1/22/14</ref>== | ||
− | + | ********************************************************************************************************************** | |
− | + | ||
===Prescribed in 32.502-4(a)=== | ===Prescribed in 32.502-4(a)=== | ||
====32.502-4 Contract Clauses==== | ====32.502-4 Contract Clauses==== | ||
Line 25: | Line 24: | ||
(e) If the nature of the contract necessitates separate progress payment rates for portions of work that are clearly severable and accounting segregation would be maintained (e.g., annual production requirements), describe the application of separate progress payment rates in a supplementary special provision within the contract. The contractor must submit separate progress payment requests and subsequent invoices for the severable portions of work in order to maintain accounting integrity. | (e) If the nature of the contract necessitates separate progress payment rates for portions of work that are clearly severable and accounting segregation would be maintained (e.g., annual production requirements), describe the application of separate progress payment rates in a supplementary special provision within the contract. The contractor must submit separate progress payment requests and subsequent invoices for the severable portions of work in order to maintain accounting integrity. | ||
− | + | ********************************************************************************************************************************** | |
− | + | ||
The Government will make progress payments to the Contractor when requested as work progresses, but not more frequently than monthly, in amounts of $2,500 or more approved by the Contracting Officer, under the following conditions: | The Government will make progress payments to the Contractor when requested as work progresses, but not more frequently than monthly, in amounts of $2,500 or more approved by the Contracting Officer, under the following conditions: | ||
Revision as of 16:39, 23 January 2014
Contents |
FAR 52.232-16 - Progress Payments (Apr 2012)[1]
Prescribed in 32.502-4(a)
32.502-4 Contract Clauses
(a)(1) Insert the clause at 52.232-16, Progress Payments, in—
- (i) Solicitations that may result in contracts providing for progress payments based on costs; and
- (ii) Fixed-price contracts under which the Government will provide progress payments based on costs.
(2) If advance agency approval has been given in accordance with 32.501-1, the contracting officer may substitute a different customary rate for other than small business concerns for the progress payment and liquidation rate indicated.
(3) If an unusual progress payment rate is approved for the prime contractor (see 32.501-2), substitute the approved rate for the customary rate in paragraphs (a)(1), (a)(6), and (b) of the clause.
(4) If the liquidation rate is changed from the customary progress payment rate (see 32.503-8 and 32.503-9), substitute the new rate for the rate in paragraphs (a)(1), (a)(6), and (b) of the clause.
(5) If an unusual progress payment rate is approved for a subcontract (see 32.504(c) and 32.501-2), modify paragraph (j)(6) of the clause to specify the new rate, the name of the subcontractor, and that the new rate shall be used for that subcontractor in lieu of the customary rate.
(b) If the contractor is a small business concern, use the clause with its Alternate I.
(c) If the contract is a letter contract, use the clause with its Alternate II.
(d) If the contractor is not a small business concern, and progress payments are authorized under an indefinite-delivery contract, basic ordering agreement, or their equivalent, use the clause with its Alternate III.
(e) If the nature of the contract necessitates separate progress payment rates for portions of work that are clearly severable and accounting segregation would be maintained (e.g., annual production requirements), describe the application of separate progress payment rates in a supplementary special provision within the contract. The contractor must submit separate progress payment requests and subsequent invoices for the severable portions of work in order to maintain accounting integrity.