4.700
Scope of subpart
FAR 4.700 makes clear that records retention requirements apply to both contractors and subcontractors, ensuring comprehensive government access for review and audit.
Overview
- FAR 4.700 establishes the scope for Subpart 4.7, outlining the policies and procedures contractors must follow for retaining records to satisfy government review requirements. It clarifies that all references to "contracts" and "contractors" also apply to subcontracts and subcontractors, broadening the applicability of the rules within this subpart.
Key Rules
- Records Retention Policies
- Contractors must retain records as specified to allow for government review and audit.
- Applicability to Subcontracts
- The requirements apply equally to subcontracts and subcontractors, not just prime contracts and contractors.
Responsibilities
- Contracting Officers: Ensure contractors and subcontractors are aware of and comply with records retention requirements.
- Contractors: Maintain and retain all required records for the specified periods to support government review.
- Agencies: Oversee compliance and conduct records reviews as necessary.
Practical Implications
- This section ensures that both contractors and subcontractors are held accountable for maintaining records, supporting transparency and auditability in government contracting. Failure to comply can result in audit findings, penalties, or contract disputes. Contractors should establish robust record-keeping systems and educate subcontractors on these obligations.