48 CFR § 52.232-23 - Assignment of Claims.
As prescribed in 32.806(a)(1) , insert the following clause:
(a) The Contractor, under the Assignment of Claims Act, as amended, 31 U.S.C. 3727 , 41 U.S.C. 6305 (hereafter referred to as the Act ), may assign its rights to be paid amounts due or to become due as a result of the performance of this contract to a bank, trust company, or other financing institution, including any Federal lending agency . The assignee under such an assignment may thereafter further assign or reassign its right under the original assignment to any type of financing institution described in the preceding sentence.
(b) Any assignment or reassignment authorized under the Act and this clause shall cover all unpaid amounts payable under this contract , and shall not be made to more than one party, except that an assignment or reassignment may be made to one party as agent or trustee for two or more parties participating in the financing of this contract .
(c) The Contractor shall not furnish or disclose to any assignee under this contract any classified document (including this contract) or information related to work under this contract until the Contracting Officer authorizes such action in writing .
Alternate I (APR 1984). If a no-setoff commitment is to be included in the contract (see 32.801 and 32.803(d) ), add the following sentence at the end of paragraph (a) of the basic clause:
Unless otherwise stated in this contract , payments to an assignee of any amounts due or to become due under this contract shall not, to the extent specified in the Act, be subject to reduction or setoff.
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- 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 232.8
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Enhanced Content - Details41 U.S.C. 1303 and 48 CFR chapter 1 . 56 FR 36409 , July 31, 1991, unless otherwise noted. Enhanced Content - PrintGenerate PDF This content is from the eCFR and may include recent changes applied to the CFR. The official, published CFR, is updated annually and available below under "Published Edition". You can learn more about the process here . Enhanced Content - Display OptionsThe eCFR is displayed with paragraphs split and indented to follow the hierarchy of the document. This is an automated process for user convenience only and is not intended to alter agency intent or existing codification. A separate drafting site is available with paragraph structure matching the official CFR formatting. If you work for a Federal agency, use this drafting site when drafting amendatory language for Federal regulations: switch to eCFR drafting site . Enhanced Content - SubscribeSubscribe to: 48 CFR Part 232 Subpart 232.8 Enhanced Content - Timeline
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These links go to the official, published CFR, which is updated annually. As a result, it may not include the most recent changes applied to the CFR. Learn more . Enhanced Content - Developer ToolsThis document is available in the following developer friendly formats:
Information and documentation can be found in our developer resources . eCFR ContentThe Code of Federal Regulations (CFR) is the official legal print publication containing the codification of the general and permanent rules published in the Federal Register by the departments and agencies of the Federal Government. The Electronic Code of Federal Regulations (eCFR) is a continuously updated online version of the CFR. It is not an official legal edition of the CFR. Enhanced ContentSubpart 232.8—assignment of claims, 232.803 policies.. ( b ) Only contracts for personal services may prohibit the assignment of claims. ( d ) Pursuant to 41 U.S.C. 6305 , and in accordance with Presidential delegation dated October 3, 1995, Secretary of Defense delegation dated February 5, 1996, and Under Secretary of Defense (Acquisition, Technology, and Logistics) delegation dated February 23, 1996, the Director of Defense Procurement determined on May 10, 1996, that a need exists for DoD to agree not to reduce or set off any money due or to become due under the contract when the proceeds under the contract have been assigned in accordance with the Assignment of Claims provision of the contract. This determination was published in the Federal Register on June 11, 1996, as required by law. Nevertheless, if departments/agencies decide it is in the Government's interests, or if the contracting officer makes a determination in accordance with FAR 32.803(d) concerning a significantly indebted offeror, they may exclude the no-setoff commitment. [ 56 FR 36409 , July 31, 1991, as amended at 61 FR 50454 , Sept. 26, 1996; 65 FR 39706 , June 27, 2000; 76 FR 58137 , Sept. 20, 2011] 232.805 Procedure.( b ) The assignee shall forward— ( i ) To the administrative contracting officer (ACO), a true copy of the instrument of assignment and an original and three copies of the notice of assignment. The ACO shall acknowledge receipt by signing and dating all copies of the notice of assignment and shall— ( A ) File the true copy of the instrument of assignment and the original of the notice in the contract file; ( B ) Forward two copies of the notice to the disbursing officer of the payment office cited in the contract; ( C ) Return a copy of the notice to the assignee; and ( D ) Advise the contracting officer of the assignment. ( ii ) To the surety or sureties, if any, a true copy of the instrument of assignment and an original and three copies of the notice of assignment. The surety shall return three acknowledged copies of the notice to the assignee, who shall forward two copies to the disbursing officer designated in the contract. ( iii ) To the disbursing officer of the payment office cited in the contract, a true copy of the instrument of assignment and an original and one copy of the notice of assignment. The disbursing officer shall acknowledge and return to the assignee the copy of the notice and shall file the true copy of the instrument and original notice. 232.806 Contract clauses.( 1 ) Use the clause at 252.232-7008, Assignment of Claims (Overseas), instead of the clause at FAR 52.232-23, Assignment of Claims, in solicitations and contracts when contract performance will be in a foreign country. ( 2 ) Use Alternate I with the clause at FAR 52.232-23, Assignment of Claims, unless otherwise authorized under 232.803(d). [ 62 FR 34126 , June 24, 1997] Reader AidsInformation.
 Change Number: Change 190 GSAM Case 2024-G507 Effective Date: 10/08/2024  Subpart 532.8 - Assignment of Claims532.805 procedure.. (a) When acknowledging receipt of the notice of assignment, the contracting officer shall notify the contractor that all future invoices or other requests for payment under the contract must specify the name and address of the assignee and include a notation that payments due thereunder have been duly assigned. The contracting officer must send a copy of the acknowledgment to the contract finance office. (b) When payments under requirements or indefinite quantity contracts that are for the sole use of GSA have been assigned, the contracting officer shall provide all GSA offices that will place orders against the contract the name and address of the assignee that will receive amounts due under the contract. The notification should also state that the contracting officer requested the contractor to specify the name and address of the assignee on future invoices. 532.806 Contract clauses.Insert the clause at 552.232-23 , Assignment of Claims, in solicitations and requirements or indefinite quantity contracts under which more than one agency may place orders.
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32.802 Conditions. Under the Assignment of Claims Act, a contractor may assign moneys due or to become due under a contract if all the following conditions are met: (a) The contract specifies payments aggregating $1,000 or more. (b) The assignment is made to a bank, trust company, or other financing institution, including any Federal lending ...
31 U.S. Code § 3727 - Assignments of claims. a transfer or assignment of any part of a claim against the United States Government or of an interest in the claim; or. the authorization to receive payment for any part of the claim. An assignment may be made only after a claim is allowed, the amount of the claim is decided, and a warrant for ...
As prescribed in 32.806 (a) (1), insert the following clause: Assignment of Claims (May 2014) (a) The Contractor, under the Assignment of Claims Act, as amended, 31 U.S.C.3727, 41 U.S.C.6305 (hereafter referred to as "the Act"), may assign its rights to be paid amounts due or to become due as a result of the performance of this contract to a ...
Under the Assignment of Claims Act, a contractor may assign moneys due or to become due under a contract if all the following conditions are met: (a) The contract specifies payments aggregating $1,000 or more. (b) The assignment is made to a bank, trust company, or other financing institution, including any Federal lending agency.
52.232-23 Assignment of Claims. As prescribed in 32.806 (a) (1), insert the following clause: Assignment of Claims (MAY 2014) (a) The Contractor, under the Assignment of Claims Act, as amended, 31 U.S.C. 3727, 41 U.S.C. 6305 (hereafter referred to as the Act), may assign its rights to be paid amounts due or to become due as a result of the ...
Under the Assignment of Claims Act, a contractor may assign moneys due or to become due under a contract if all the following conditions are met: (a) The contract specifies payments aggregating $1,000 or more. (b) The assignment is made to a bank, trust company, or other financ-ing institution, including any Federal lending agency.
Chart 39TasksFAR Reference(s)Additional Info. ionDetermine if assignment of claims is per. FAR 32.802 Conditions [assignment of claims]. er a contract if all of the following conditions are met:T. contract specifies payments aggregating $1,000 or more.The assignment is made to a bank, trust company, or other fi.
eCFR :: 48 CFR Part 32 Subpart 32.8 -- Assignment of Claims (FAR Part 32 Subpart 32.8) The Electronic Code of Federal Regulations. Enhanced content is provided to the user to provide additional context. Title 48. Displaying title 48, up to date as of 9/03/2024. Title 48 was last amended 9/03/2024.
(a) The Contractor, under the Assignment of Claims Act, as amended, 31 U.S.C. 3727, 41 U.S.C. 6305 (hereafter referred to as the Act), may assign its rights to be paid amounts due or to become due as a result of the performance of this contract to a bank, trust company, or other financing institution, including any Federal lending agency.The assignee under such an assignment may thereafter ...
(a) The Contractor, under the Assignment of Claims Act, as amended, 31 U.S.C.3727, 41 U.S.C.6305 (hereafter referred to as "the Act"), may assign its rights to be paid amounts due or to become due as a result of the performance of this contract to a bank, trust company, or other financing institution, including any Federal lending agency.
52.232-23 Assignment of Claims. ng clause:ASSIGNMENT OF CLAIMS (JAN 1986)(a) The Contractor, under the Assignment of Claims Act, as amended, 31 U.S.C. 3727, 41 U.S.C. 15 (hereafter referred to as the Act), may assign its rights to be paid amounts due or to become due as a result of the perform-ance of this contract to a bank, trust com-pany ...
Assignment of Claims Act •31 U.S.C. § 3727(b) -An assignment may be made only after a claim is allowed, the amount of the claim is decided, and a warrant for payment of the claim has been issued. The assignment shall specify the warrant, must be made freely, and must be attested to by 2 witnesses. … An assignment under this
232.806 Contract clauses. (a) (1) Use the clause at 252.232-7008, Assignment of Claims (Overseas), instead of the clause at FAR 52.232-23, Assignment of Claims, in solicitations and contracts when contract performance will be in a foreign country. (2) Use Alternate I with the clause at FAR 52.232-23, Assignment of Claims, unless otherwise ...
Let's posit that the Assignment of Claims is for $500,000, and the company owes the government $100,000. If there is a "no-setoff commitment," then the bank will be paid the entire $500,000 once the contractor's work is completed. Without the no-setoff commitment, the government in this scenario would pay the bank $400,000 and keep the ...
32.802 Conditions. Under the Assignment of Claims Act, a contractor may assign moneys due or to become due under a contract if all the following conditions are met: (a) The contract specifies payments aggregating $1,000 or more. (b) The assignment is made to a bank, trust company, or other financing institution, including any Federal lending ...
232.806 Contract clauses. (a) (1) Use the clause at 252.232-7008, Assignment of Claims (Overseas), instead of the clause at FAR 52.232-23, Assignment of Claims, in solicitations and contracts when contract performance will be in a foreign country. (2) Use Alternate I with the clause at FAR 52.232-23, Assignment of Claims, unless otherwise ...
The Assignment of Claims Act (31 U.S.C. § 3727, 41 U.S.C. § 6305) was passed in 1940 and provides for an important function in government contract financing. One of the benefits of the assignment of claims policy is to authorize third-party financial institutions to collect on payments made to contractors for performance of a federal contract.
ASSIGNMENT OF CLAIMS. 030201. Per . FAR 2.1, assignment of claims refers to the transfer by the contractor to a bank, trust company, or other financing institution, as security for a loan to the contractor, of its right to be paid by the government for contract performance. A. The authorities contained in 41 USC 15 and 31 USC 3727(c) authorize
232.806 Contract clauses. ( a) ( 1) Use the clause at 252.232-7008, Assignment of Claims (Overseas), instead of the clause at FAR 52.232-23, Assignment of Claims, in solicitations and contracts when contract performance will be in a foreign country. ( 2) Use Alternate I with the clause at FAR 52.232-23, Assignment of Claims, unless otherwise ...
Let's posit that the Assignment of Claims is for $500,000, and the com-pany owes the government $100,000. If there is a "no-setof commitment," then the bank will be paid the en-tire $500,000 once the contractor's work is completed. Without the no-setof commitment, the government in this scenario would pay the bank $400,000 and keep the ...
Moneys due or to become due under the contract described above have been assigned to the undersigned under the provisions of the Assignment of Claims Act of1940, as amended, ( 31 U.S.C.3727, 41 U.S.C. 6305). A true copy of the instrument of assignment executed by the Contractor on _____ [Date], is attached to the original notice.
Generally, an assignment of accounts receivable from the United States can be lawfully accomplished only through compliance with the Assignment of Claims Act of 1940, as amended, 31 U. S. C. 203, 41 U. S. C. 15 (1970). Under 31 U. S. C. 203 (1970) moneys due under a Government contract may be assigned to a "bank, trust company, or
532.805 Procedure. (a) When acknowledging receipt of the notice of assignment, the contracting officer shall notify the contractor that all future invoices or other requests for payment under the contract must specify the name and address of the assignee and include a notation that payments due thereunder have been duly assigned. The ...