DFARS 252.232-7012 Performance-Based Payments–Whole-Contract Basis

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Prescribed in 232.1005-70(a)
Effective Date:	1 March 2014
Clause or Provision:	Clause
Provision or Clause Number:	S 252.232-7012 Performance-Based Payments–Whole-Contract Basis
Principle Type And/Or Purpose of Contract:
Required:
Applicable:
Optional:
Subject:
ProcurementType:
Contract Threshold:
Prescription Overview:	Prescription (a) For performance-based payments made on a whole-contract basis, use the clause at 252.232-7012, Performance-Based Payments–Whole-Contract Basis.
Clause Overview:	Clause PERFORMANCE-BASED PAYMENTS-WHOLE-CONTRACT BASIS (MAR 2014) (a) Performance-based payments shall form the basis for the contract financing payments provided under this contract, and shall apply to the whole contract. The performance-based payments schedule (Contract Attachment ____) describes the basis for payment, to include identification of the individual payment events, evidence of completion, and amount of payment due upon completion of each event. (b) (i) At no time shall cumulative performance-based payments exceed cumulative contract cost incurred under this contract. To ensure compliance with this requirement, the Contractor shall, in addition to providing the information required by FAR 52.232-32, submit supporting information for all payment requests using the following format: NEED TO INSERT TABLE Current performance-based payment(s) event(s) addressed by this request: Contractor shall identify— Amount Totals (1a) Negotiated value of all previously completed performance-based payment(s) event(s); (1b) Negotiated value of the current performance-based payment(s) event(s); (1c) Cumulative negotiated value of performance-based payment(s) events completed to date (1a) + (1b); (2) Total costs incurred to date; (3) Enter the amount from (1c) or (2), whichever is less; (4) Cumulative amount of payments previously requested; and (5) Payment amount requested for the current performance-based payment(s) event(s) (3) - (4). (ii) The Contractor shall not submit payment requests more frequently than monthly. (iii) Incurred cost is determined by the Contractor’s accounting books and records, which the contractor shall provide access to upon request of the Contracting Officer for the administration of this clause.
Important Notes/Requirements:
Subcontract Threshold:
Incorporated by Reference:	Yes
Uniform Contract Format:
Editor:	Marshall

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