Small Business Contract Payment Procedures Act

[AI summary unavailable — showing source text] Small Business Contract Payment Procedures Act - Amends the Federal Property and Administrative Services Act of 1949 to require that whenever an executive agency makes progress payments under a contract for property or services, the contracting officer shall authorize payment in full without retention of any percentage of the contract price if: (1) satisfactory progress toward complete performance of the contract was made during any period for which a progress payment is required; and (2) the party performing the contract is a small business which has furnished an adequate performance bond.…