GSAM

GSAM

Change Number: Change 156 GSAM Case 2022-G510
Effective Date: 12/02/2022

Subpart 532.5 - Progress Payments Based on Costs

532.501 General.

532.501-2 Unusual progress payments.

The HCA must approve or disapprove requests for “unusual” progress payments.

532.502 Preaward matters.

532.502-2 Contract finance office clearance.

Before providing for progress payments based on costs, the contracting officer shall request the Office of the Chief Financial Officer to provide advice and assistance about a contractor’s financial condition and the adequacy of its accounting system and controls.

532.503-5 Administration of progress payments.

The contracting officer shall ensure that the contract finance office provides to the contracting office:

      (a)  The date and amount of each progress payment to a contractor; and

      (b)  Written recommendations if findings warrant action by the Government.

532.503-6 Suspension or reduction of payments.

The HCA must approve any action recommended under FAR 32.503-6. Upon approval, the contracting officer shall request the contract finance office to suspend or reduce payments.

532.503-9 Liquidation rates—alternate method.

Reduction of the liquidation rates specified in paragraph (b) of FAR 52.232-16 may be made only with the contracting officer’s approval after coordination with the contract finance office. Upon approval, the contracting officer shall request the finance office to reduce the rate.