Can FTA allow progress payments on procurements?
Progress payments are made to the contractor only for costs incurred in the performance of the contract. The grantee must obtain adequate security for progress payments, which may include taking title, letter of credit or equivalent means to protect the grantee’s interest in the progress payment. More discussion on this subject can be found in 4220.1F, Chapter III.
Related Questions
- Can I use the Special Account for capital repayment of my housing loan? What about progress payments for my private property which is still under construction?
- Would an owner-builder need to make progress payments to a contract builder or tradesperson?
- Are rolling stock procurements eligible for the FTA waiver of the five-year limit?
