Regulations last checked for updates: Jul 13, 2020

Title 48 - Federal Acquisition Regulations System last revised: Jul 02, 2020
32.703-1 - 32.703-1 General.

(a) If the contract is fully funded, funds are obligated to cover the price or target price of a fixed-price contract or the estimated cost and any fee of a cost-reimbursement contract.

(b) If the contract is incrementally funded, funds are obligated to cover the amount allotted and any corresponding increment of fee.

source: 48 FR 42328, Sept. 19, 1983, unless otherwise noted.
cite as: 48 CFR 32.703-1