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32.502-2 Contract finance office clearance.

32.502-2 Contract finance office clearance.

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           (2) Who has had an advance payment request or loan guarantee denied for financial reasons (or approved but withdrawn or lapsed) within the previous 12 months; or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