[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: 48CFR32.202-2]



[Page 655]

 

            TITLE 48--FEDERAL ACQUISITION REGULATIONS SYSTEM

 

                CHAPTER 1--FEDERAL ACQUISITION REGULATION

 

PART 32_CONTRACT FINANCING--Table of Contents

 

             Subpart 32.2_Commercial Item Purchase Financing

 

Sec. 32.202-2  Types of payments for commercial item purchases.



    These definitions incorporate the requirements of the statutory 

commercial financing authority and the implementation of the Prompt 

Payment Act.

    Commercial advance payment, as used in this subsection, means a 

payment made before any performance of work under the contract. The 

aggregate of these payments shall not exceed 15 percent of the contract 

price. These payments are contract financing payments for prompt payment 

purposes (i.e., not subject to the interest penalty provisions of the 

Prompt Payment Act in accordance with subpart 32.9). These payments are 

not subject to subpart 32.4, Advance Payments for Non-Commercial Items.

    Commercial interim payment (See 32.001.)

    Delivery payment (See 32.001).



[60 FR 49711, Sept. 26, 1995, as amended at 66 FR 2132, Jan. 10, 2001]