Contract financing payments Sample Clauses
The 'Contract financing payments' clause defines the terms under which a buyer provides advance or progress payments to a contractor before the full completion of contract work. Typically, this clause outlines the conditions, schedule, and documentation required for such payments, such as milestones achieved or costs incurred, and may specify limits or interest rates applicable to the financing. Its core function is to ensure that contractors have sufficient cash flow to perform the contract, thereby reducing financial barriers and supporting timely project completion.
Contract financing payments. If this contract provides for contract financing, the Government will make contract financing payments in accordance with the applicable contract financing clause.
Contract financing payments. (1) For purposes of this clause, "contract financing payment" means a Government disbursement of monies to a Contractor under a contract clause or other authorization prior to acceptance of supplies or services by the Government.
(2) For contracts that provide for contract financing, requests for payment shall be submitted to the designated billing office as specified in this contract or as directed by the Contracting Officer. Contract financing payments shall be made on the 30th day after receipt of a proper contract financing request by the designated billing office. In the event that an audit or other review of a specific financing request is required to ensure compliance with the terms and conditions of the contract, the designated payment office is not compelled to make payment on this date.
(3) For advance payments, loans, or other arrangements that do not involve recurrent submissions of contract financing requests, payment shall be made in accordance with the corresponding contract terms or as directed by the Contracting Officer.
Contract financing payments. Clauses for Progress Payments and Performance Based Payments will be included in the resultant basic ID/IQ contract to finance FFP line items, as deemed appropriate by the Contracting Officer; however, it is intended that Progress Payments will be the primary contract financing method utilized under resultant FFP Orders. At no point will an order contain both financing terms.
Contract financing payments. (1) Due dates for recurring financing payments. If this contract provides for contract financing, requests for payment shall be submitted to the designated billing office as specified in this contract or as directed by the Contracting Officer. Contract financing payments shall be made on the [insert day as prescribed by Agency head; if not prescribed, insert 30th day] day after receipt of a proper contract financing request by the designated billing office. In the event that an audit or other review of a specific financing request is required to ensure compliance with the terms and conditions of the contract, the designated payment office is not compelled to make payment by the due date specified.
(2) Due dates for other contract financing. For advance payments, loans, or other arrangements that do not involve recurring submissions of contract financing requests, payment shall be made in accordance with the corresponding contract terms or as directed by the Contracting Officer.
(3) Interest penalty not applicable. Contract financing payments shall not be assessed an interest penalty for payment delays.
Contract financing payments