[Code of Federal Regulations]
[Title 48, Volume 1]
[Revised as of October 1, 2002]
From the U.S. Government Printing Office via GPO Access
[CITE: 48CFR32.202-2]

[Page 633]
 
            TITLE 48--FEDERAL ACQUISITION REGULATIONS SYSTEM
 
                CHAPTER 1--FEDERAL ACQUISITION REGULATION
 
PART 32--CONTRACT FINANCING--Table of Contents
 
            Subpart 32.2--Commercial Item Purchase Financing
 
Sec. 32.202-2  Types of payments for commercial item purchases.

    These definitions incorporate the requirements of the statutory 
commercial financing authority and the implementation of the Prompt 
Payment Act.
    Commercial advance payment, as used in this subsection, means a 
payment made before any performance of work under the contract. The 
aggregate of these payments shall not exceed 15 percent of the contract 
price. These payments are contract financing payments for prompt payment 
purposes (i.e., not subject to the interest penalty provisions of the 
Prompt Payment Act in accordance with subpart 32.9). These payments are 
not subject to subpart 32.4, Advance Payments for Non-Commercial Items.
    Commercial interim payment (See 32.001.)
    Delivery payment (See 32.001).

[60 FR 49711, Sept. 26, 1995, as amended at 66 FR 2132, Jan. 10, 2001]