Search the Community
Showing results for tags 'vessel'.
Found 1 result
Can anyone tell me how progress payments will be calculated using DFARS clause 252.217-7007 (Payments)? Some relevant paragraphs in the clause read: (a) “Progress payments,” as used in this clause, means payments made before completion of work in progress under a job order. (b) Upon submission by the Contractor of invoices in the form and number of copies directed by the Contracting Officer, and as approved by the Contracting Officer, the Government will make progress payments as work progresses under the job order. (1) Generally, the Contractor may submit invoices on a semi-monthly basis, unless expenditures justify a more frequent submission. (2) The Government need not make progress payments for invoices aggregating less than $5,000. (3) The Contracting Officer shall approve progress payments based on the value, computed on the price of the job order, of labor and materials incorporated in the work, materials suitably stored at the site of the work, and preparatory work completed, less the aggregate of any previous payments. (4) Upon request, the Contractor will furnish the Contracting Officer any reports concerning expenditures on the work to date that the Contracting Officer may require. (c) The Government will retain until final completion and acceptance of all work covered by the job order, an amount estimated or approved by the Contracting Officer under paragraph (b) of this clause. The amount retained will be in accordance with the rate authorized by Congress for Naval vessel repair contracts at the time of job order award.