---
kind: "section"
citation: "48 C.F.R. § 232.501-3"
title: "48"
number: "232.501-3"
heading: "Contract price."
url: "https://uscodex.org/cfr/48/232.501-3"
---

# §232.501-3. Contract price.

- (b) The contracting officer may approve progress payments when the contract price exceeds the funds obligated under the contract, provided the contract limits the Government's liability to the lesser of—
- (i) The applicable rate (i.e., the lower of the progress payment rate, the liquidation rate, or the loss-ratio adjusted rate); or
- (ii) 100 percent of the funds obligated.

## Notes

### Amendments

[56 FR 36409, July 31, 1991, as amended at 65 FR 39722, June 27, 2000; 70 FR 75413, Dec. 20, 2005]

### Authority

Authority: 41 U.S.C. 1303 and 48 CFR chapter 1.

### Source

Source: 56 FR 36409, July 31, 1991, unless otherwise noted.

### Amendments

[56 FR 36409, July 31, 1991, as amended at 65 FR 39722, June 27, 2000; 70 FR 75413, Dec. 20, 2005]