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                            Regulations
                            General Services Acquisition Manual (GSAM)
                            Subpart 532.5 - Progress Payments Based on Costs
        
                  GSAM
GSAM
Change Number: Change 178 GSAR Case 2020-G511 Effective Date: 03/25/2024
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Subpart532.1532.4532.5532.6532.7532.8532.9532.11532.70532.71532.72
Section532.501532.502
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Subpart 532.5 - Progress Payments Based on CostsSubpart 532.5 - Progress Payments Based on Costs 	  **Parent topic:**  Part 532 - Contract Financing532.501 General. 	  532.501-2 Unusual progress payments. 		    The HCA must approve or disapprove requests for “unusual” progress payments.532.502 Preaward matters. 	  532.502-2 Contract finance office clearance. 		    Before providing for progress payments based on costs, the contracting officer shall request the Office of the Chief Financial Officer to provide advice and assistance about a contractor’s financial condition and the adequacy of its accounting system and controls.532.503-5 Administration of progress payments. 		    The contracting officer shall ensure that the contract finance office provides to the contracting office: 			       				         					          (a)  The date and amount of each progress payment to a contractor; and 				         				         					          (b)  Written recommendations if findings warrant action by the Government.532.503-6 Suspension or reduction of payments. 		    The HCA must approve any action recommended under FAR 32.503-6. Upon approval, the contracting officer shall request the contract finance office to suspend or reduce payments.532.503-9 Liquidation rates—alternate method. 		    Reduction of the liquidation rates specified in paragraph (b) of FAR 52.232-16 may be made only with the contracting officer’s approval after coordination with the contract finance office. Upon approval, the contracting officer shall request the finance office to reduce the rate.
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