{"data":{"id":"us/48-cfr-232.501-3","jurisdiction":"us","citation":"48 CFR 232.501-3","heading":"232.501-3 Contract price.","body":"(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—\n(i) The applicable rate (i.e., the lower of the progress payment rate, the liquidation rate, or the loss-ratio adjusted rate); or\n(ii) 100 percent of the funds obligated.","path":["Title 48—Federal Acquisition Regulations System","CHAPTER 2—DEFENSE ACQUISITION REGULATIONS SYSTEM, DEPARTMENT OF DEFENSE","SUBCHAPTER E—GENERAL CONTRACTING REQUIREMENTS","PART 232—CONTRACT FINANCING","Subpart 232.5—Progress Payments Based on Costs"],"source_url":"https://www.ecfr.gov/api/versioner/v1/full/2026-08-25/title-48.xml","current_through":"2026-08-25","vintage":"","retrieved_at":"2026-08-27T02:26:29Z","sha256":"bc2f1bdcaf3c62f2c9a05eaec6c6478b4742ce92ef2e7b4d72b7ad0133fd6370","source_id":"us-cfr","stale":true,"prev":"us/48-cfr-232.501-2","next":"us/48-cfr-232.502"},"notice":"GroundRules: Original legal text. Not legal advice."}