A community resource for the acquisition workforce — not a .gov website
part52.dev Federal Acquisition Clause Monitor

PGI 232.501-3: Contract price.

PGI › Part 232 › PGI 232.501-3

This PGI section supplements: DFARS 232.501-3 · FAR 32.501-3
The corresponding FAR Part 32 and DFARS Part 232 have been overhauled under the RFO. PGI replacement text is provided in the RFO deviation attachment. View FAR Part 32

Current Content

(b) The contracting officer may approve progress payments when the contract price exceeds the funds obligated under the contract, provided the contract limits the Government’s liability to the lesser of—

(i) The applicable rate (i.e., the lower of the progress payment rate, the liquidation rate, or the loss-ratio adjusted rate); or

(ii) 100 percent of the funds obligated.

Sources: Search on acquisition.gov · View on acq.osd.mil