3216. CONSIDERATION FOR PROGRESS PAYMENTS

3216 CONSIDERATION FOR PROGRESS PAYMENTS 3216.1 There shall be no requirement for a separate consideration for providing progress payments or for changing progress payment or liquidation rates, if coverage is included in the terms of the contract when awarded. 3216.2 Adequate new consideration shall be required when the contract, during contract performance, is amended to provide progress payments. 3216.3 When adequate new consideration is required pursuant to §3216.2, the contractor may provide new consideration by monetary means (such as reduction in contract price) or nonmonetary means (such as incorporating terms in the contract amendment conferring a new benefit on the District). 3216.4 Fair and reasonable consideration shall approximate the amount by which the price would have been smaller if the provision for progress payments had been included in the initial contract. SOURCE: Final Rulemaking published at 35 DCR 1631 (February 26, 1988).