§32.502-2. Contract finance office clearance.
48 C.F.R. § 32.502-2
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:
Providing a progress payment rate higher than the customary rate (see 32.501-1).
Deviating from the progress payments terms prescribed in this part.
Providing progress payments to a contractor—
Whose financial condition is in doubt;
Who has had an advance payment request or loan guarantee denied for financial reasons (or approved but withdrawn or lapsed) within the previous 12 months; or
Who is named in the consolidated list of contractors indebted to the United States (known commonly as the Hold-up List).
Notes, amendments, and revision history
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.