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Code of Federal Regulations (Last Updated: July 5, 2024) |
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Title 48 - Federal Acquisition Regulations System |
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Chapter 8 - Department of Veterans Affairs |
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SubChapter C - Contracting Methods and Contract Types |
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Part 817 - Special Contracting Methods |
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Subpart 817.70 - Undefinitized Contract Actions |
§ 817.7004-3 - Definitization schedule.
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817.7004-3 Definitization schedule.
(a) UCAs shall contain definitization schedules that provide for definitization by the earlier of -
(1) The date that is 180 days after issuance of the action (this date may be extended but may not exceed the date that is 180 days after the contractor submits a definitization proposal); or
(2) The date on which the amount of funds paid to the contractor under the contract action is equal to more than 50 percent of the not-to-exceed price.
(b) Submission of a definitization proposal in accordance with the definitization schedule is a material element of the contract. If the contractor does not submit a timely definitization proposal, the contracting officer may suspend or reduce progress payments under FAR 32.503-6, or take other appropriate action.