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B-177734 1 (1973-03-21)

handle is hein.gao/gaobabkis0001 and id is 1 raw text is: RESTRICTED - Not to be/reease Outside Accolting Office except on the basis of spe le'pprov ° k by the Office of Congressional Relations, a is kept r WASHINGTON. D.C. 20548 REL EASED B-177734 MAR 2 1 1973 The Honorable F. Edward Hebert (f Chairman, Committee on Armed Services (!' House of Representatives Dear Mr,: Hebert: This report responds to your request of January 18, 1973, that the General Accounting Office provide you information on the t luages available for financ g defense contr~a c . The Government may provide financing to defense contractors under all types of contracts through the guaranteeing of loans made by lending institutions and through advance payments. It provides financing under fixed-jrice contfac--ts.by making progress payments, and it pays contractors under c2§jt-reimbutr .f =e LnZts as costs are incurred. During and up to 6 months after national emergencies, certain agencies may, in the interest of national defense, modify contracts by such methods as increasing contract prices or changing delivery terms without regard to certain other restrictions applicable to the award and administration of contracts. GUARANTEED LOANS Guaranteed loans are similar to other loans made by lending institutions, except that the Government assumes certain risks by obligating itself to purchase an agreed portion of the loan from the lending institution, such as when the contractor defaults or when it appears that he may default. These loans are made and administered by the lending institution. Under the Defense Production Act of 1950, as amended (50 U.S.C. 2091), and Executive Order No. 10480, as amended, the Departments of the Army, Navy, and Air Force; the Defense Supply Agency; the Atomic Energy Commission; the General Services Administration; and the Departments of Agriculture,

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