FAR 32.502-2 Contract finance office clearance
Subsection Federal Acquisition Regulation
Facts
- Citation
- FAR 32.502-2
- Type
- Subsection
- Text as of
- FAC 2026-01
- Official text
- acquisition.gov
Text from acquisition.gov. Federal Register history from the Federal Register's records of the rules that amended this subsection.
Text
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(2) Who has had an advance payment request or loan guarantee denied for financial reasons (or approved but withdrawn or lapsed) within the previous 12 months; or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").
Sections cited
- FAR 32.501-1 Customary progress payment rates
Quick answers
What is FAR 32.502-2?
FAR 32.502-2 is a subsection of the Federal Acquisition Regulation, titled "Contract finance office clearance".
Are changes to FAR 32.502-2 proposed?
No proposed rule from the last 3 years is waiting on a final rule.
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