45.604
Sale of surplus personal property
FAR 45.604 requires contractors to follow specific procedures for selling surplus personal property, including using GSA sales centers and properly handling sale proceeds.
Overview
FAR 45.604 outlines the procedures and requirements for the sale of surplus personal property by government contractors. This section covers the authorized methods for conducting sales, the use of General Services Administration (GSA) sponsored sales centers, the handling of proceeds from such sales, and the sale of property under exchange/sale authority. The regulation ensures that surplus property is disposed of in a manner that is transparent, compliant with federal policies, and maximizes value for the government.
Key Rules
- Sales Procedures
- Contractors must follow established procedures for selling surplus personal property, ensuring compliance with federal regulations and agency-specific requirements.
- Use of GSA Sponsored Sales Centers
- Contractors may be required or permitted to use GSA-sponsored sales centers to facilitate the sale of surplus property, leveraging centralized resources for efficiency and compliance.
- Proceeds from Sales
- Proceeds from the sale of surplus property must be handled according to federal guidelines, including proper accounting and remittance to the appropriate government accounts.
- Sale Pursuant to Exchange/Sale Authority
- Property may be sold under exchange/sale authority, allowing for the replacement of property while adhering to specific regulatory conditions and approvals.
Responsibilities
- Contracting Officers: Ensure all sales of surplus property follow FAR and agency procedures, oversee use of GSA sales centers, and verify proper handling of proceeds.
- Contractors: Comply with sales procedures, use designated sales centers when required, and accurately report and remit proceeds.
- Agencies: Monitor compliance, provide oversight, and ensure proper documentation and reporting of surplus property sales.
Practical Implications
- This section exists to ensure surplus property is disposed of efficiently, transparently, and in the government's best interest.
- It impacts daily contracting by requiring strict adherence to sales procedures and financial accountability.
- Common pitfalls include improper sales methods, failure to use GSA centers when required, and mishandling of sale proceeds.