32.101
Authority
FAR 32.101 identifies the legal statutes that authorize federal contract financing for non-commercial purchases, forming the basis for all related regulations and procedures.
Overview
FAR 32.101 establishes the statutory authority for contract financing provisions covered in FAR Part 32, specifically for contracts other than commercial purchases. It cites three primary legal sources: 41 U.S.C. chapter 45 (Contract Financing), 10 U.S.C. chapter 277, and Title III of the Defense Production Act of 1950. These statutes empower federal agencies to provide various forms of contract financing, such as advance payments, progress payments, and loan guarantees, to support contractor performance and ensure timely delivery of goods and services to the government. This section serves as the legal foundation for all subsequent regulations and procedures related to contract financing in this part of the FAR.