Code of Federal Regulations (Last Updated: May 6, 2024) |
Title 48 - Federal Acquisition Regulations System |
Chapter 5 - General Services Administration |
SubChapter E - General Contracting Requirements |
Part 532 - Contract Financing |
Subpart 532.5 - Progress Payments Based on Costs |
§ 532.503-5 - Administration of progress payments.
Latest version.
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The contracting officer must ensure that the contract finance office (1) has adequate administrative and fiscal procedures to accomplish the fiscal aspects of FAR 32.503-5, (2) provides the contracting officer with the date and amount of each progress payment to a contractor, and (3) provides the contracting officer with written recommendations whenever findings are made which warrant action by the Government.