StacksVerified U.S. federal law reference

48 CFR §32.502-2 — Contract finance office clearance.

Verified against eCFR.gov as of June 20, 2026View official text on eCFR.gov ↗
The contracting officer shall obtain the approval of the contract finance office or other offices designated under agency procedures before taking any of the following actions:
  1. (a)Providing a progress payment rate higher than the customary rate (see 32.501-1).
  2. (b)Deviating from the progress payments terms prescribed in this part.
  3. (c)Providing progress payments to a contractor—
    1. (1)Whose financial condition is in doubt;
    2. (2)Who has had an advance payment request or loan guarantee denied for financial reasons (or approved but withdrawn or lapsed) within the previous 12 months; or
    3. (3)Who is named in the consolidated list of contractors indebted to the United States (known commonly as the Hold-up List).