[Code of Federal Regulations]

[Title 48, Volume 5]

[Revised as of October 1, 2006]

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

[CITE: 48CFR752.232-70]



[Page 64]

 

            TITLE 48--FEDERAL ACQUISITION REGULATIONS SYSTEM

 

             CHAPTER 7--AGENCY FOR INTERNATIONAL DEVELOPMENT

 

PART 752_SOLICITATION PROVISIONS AND CONTRACT CLAUSES--Table of Contents

 

              Subpart 752.2_Texts of Provisions and Clauses

 

Sec. 752.232-70  Letter of credit advance payment.



    As required by 732.406-73 insert the following clause in contracts 

being paid by Letter of Credit.



               Letter of Credit Advance Payment (OCT 1989)



    (a) Payment under this contract shall be by means of a Letter of 

Credit (LOC) in accordance with the terms and conditions of the LOC and 

any instructions issued by the USAID Office of Financial Management, 

Cash Management and Payment Division (FM/CMP).

    (b) As long as the LOC is in effect, the terms and conditions of the 

LOC and any instructions issued by FM/CMP constitute the payment 

conditions of this contract, superseding and taking precedence over any 

other clause of this contract concerning payment.

    (c) If the LOC is revoked, payment may be made on a cost-

reimbursement basis, in accordance with the other clauses of this 

contract concerning payment.

    (d) Revocation of the LOC is at the discretion of FM/CMP after 

consultation with the contracting officer. Notification to the 

contractor of revocation must be in writing and must specify the reasons 

for such action. The contractor may appeal any such revocation to the 

contracting officer, in accordance with the Disputes clause of this 

contract. Pending final decision, payments under the contact will be in 

accordance with paragraph (c) of this clause.



[49 FR 13259, Apr. 3, 1984, as amended at 49 FR 33668, Aug. 24, 1984; 54 

FR 46391, Nov. 3, 1989; 56 FR 67226, Dec. 30, 1991; 59 FR 33447, June 

29, 1994]