By Quentin W. Fleming
Covers the topic of development funds in keeping with charges incurred, as required by way of the Federal Acquisition legislation, a long way sub-part 32.5. The publication recommends preserving a linkage among all growth funds and the supplier's actual functionality with a purpose to reduce hazards.
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Additional resources for A Probus Guide to Subcontract Project Management and Control: Progress Payments
The use of performance bonds on progress payments is recommended only in those exceptional cases where there are extreme risks of loss to the prime contractor. As an alternative to the performance bond requirement, we believe that the close management of progress payments against the supplier's own cost projections, and the comparison of actual costs to the supplier's physical work performance, will be more than adequate to prevent a loss on a subcontract due to the possible cost risk of exposure, because of the over-funding of progress payments.
They are listed below in the solicitation and subcontract clause suggested as follows: A Gantt Chart (schedule) in the format as shown in (Figure 2-5) is required to support the award of this subcontract, and for the evaluation and processing of each progress payment invoice (SF1443) during the life of this subcontract. The Gantt Chart must have the following data displayed in order to be considered complete: (1) all of the tasks necessary to satisfy the subcontract must be listed on the Gantt chart; (2) each task so listed must indicate a performance period as reflected with a bar, placed into a specific time frame to reflect the point where the performance is planned to occur; and (3) each listed task must be assigned a weighted value, the sum of the weighted values must add up to 100 percent of the total value of the subcontract price.
The one exception will be whenever you deviate from the specific rules for progress payments called out in the FAR or DOD-FAR. 502-2 cites five situations which require the government's approval for the use of progress payments. In other words, you must get the Government Contract Finance Office's approval if any of the following conditions exist: 1. Whenever a progress payment rate is authorized which is higher than the customary rate allowed by the FAR or DOD-FAR, as reflected in your prime or higher level authorizing subcontract.