[Code of Federal Regulations]

[Title 48, Volume 1]

[Revised as of October 1, 2005]

From the U.S. Government Printing Office via GPO Access

[CITE: 48CFR32.007]



[Page 648]

 

            TITLE 48--FEDERAL ACQUISITION REGULATIONS SYSTEM

 

                CHAPTER 1--FEDERAL ACQUISITION REGULATION

 

PART 32_CONTRACT FINANCING--Table of Contents

 

Sec. 32.007  Contract financing payments.



    (a)(1) Unless otherwise prescribed in agency policies and procedures 

or otherwise specified in paragraph (b) of this section, the due date 

for making contract financing payments by the designated payment office 

is the 30th day after the designated billing office receives a proper 

contract financing request.

    (2) If an audit or other review of a specific financing request is 

required to ensure compliance with the terms and conditions of the 

contract, the designated payment office is not compelled to make payment 

by the specified due date.

    (3) Agency heads may prescribe shorter periods for payment based on 

contract pricing or administrative considerations. For example, a 

shorter period may be justified by an agency if the nature and extent of 

contract financing arrangements are integrated with agency contract 

pricing policies.

    (4) Agency heads must not prescribe a period shorter than 7 days or 

longer than 30 days.

    (b) For advance payments, loans, or other arrangements that do not 

involve recurrent submission of contract financing requests, the 

designated payment office will make payment in accordance with the 

applicable contract financing terms or as directed by the contracting 

officer.

    (c) A proper contract financing request must comply with the terms 

and conditions specified by the contract. The contractor must correct 

any defects in requests submitted in the manner specified in the 

contract or as directed by the contracting officer.

    (d) The designated billing office and designated payment office must 

annotate each contract financing request with the date their respective 

offices received the request.

    (e) The Government will not pay an interest penalty to the 

contractor as a result of delayed contract financing payments.



[66 FR 65355, Dec. 18, 2001]