§32.202-2. Types of payments for commercial product and commercial service purchases.
48 C.F.R. § 32.202-2
Commercial advance payment, as used in this section, means a payment made before any performance of work under the contract. The aggregate of these payments shall not exceed 15 percent of the contract price. These payments are contract financing payments for prompt payment purposes (i.e., not subject to the interest penalty provisions of the Prompt Payment Act in accordance with subpart 32.9). These payments are not subject to subpart 32.4, Advance Payments for Other Than Commercial Acquisitions.
Commercial interim payment (See 32.001.)
Delivery payment (See 32.001).
Notes, amendments, and revision history
Amendments
[60 FR 49711, Sept. 26, 1995, as amended at 66 FR 2132, Jan. 10, 2001; 86 FR 61029, Nov. 4, 2021]
Source
Source: 60 FR 49711, Sept. 26, 1995, unless otherwise noted.
Authority
Authority: 41 U.S.C. 1121(b); 40 U.S.C. 121(c); 10 U.S.C. chapter 4 and 10 U.S.C. chapter 137 legacy provisions (see 10 U.S.C. 3016); and 51 U.S.C. 20113.
Source
Source: 48 FR 42328, Sept. 19, 1983, unless otherwise noted.
Amendments
[60 FR 49711, Sept. 26, 1995, as amended at 66 FR 2132, Jan. 10, 2001; 86 FR 61029, Nov. 4, 2021]