Contract finance office clearance.

Federal Acquisition Regulations System 1 2023-10-01 2023-10-01 false Contract finance office clearance. 32.502-2 Section 32.502-2 Federal Acquisition Regulations System FEDERAL ACQUISITION REGULATION GENERAL CONTRACTING REQUIREMENTS CONTRACT FINANCING Progress Payments Based on Costs 32.502–2 Contract finance office clearance. 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is in doubt; (2) Who has had an advance payment request or loan guarantee denied for financial reasons (or approved but withdrawn or lapsed) within the previous 12 months; or (3) Who is named in the consolidated list of contractors indebted to the United States (known commonly as the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 ).