The FAR Council has released the Overhaul revisions to Part 32, Contract Financing. The Council has updated Part 32 to simplify the requirements and remove outdated information. The Council has deleted sections on the description of contract financing methods and procedure for the Loan Guarantee Program for defense production from Part 32. The Council has also moved some guidance, best practices, and procedures to the FAR Companion,
Importantly, the Council added a new section to Part 32 for Fast Payment Procedures. The new section provides a method for expediting payments on certain small supply contract where traditional receiving and acceptance processes are impractical.