49.206-3
Submission of inventory disposal schedules
Contractors must submit complete inventory disposal schedules on SF 1428 within 120 days of contract termination unless an extension is approved by the TCO.
Overview
FAR 49.206-3 outlines the requirements for contractors to submit inventory disposal schedules when a contract is terminated and termination inventory exists. The regulation ensures that all inventory allocable to the terminated portion of the contract is properly documented and reported to the Termination Contracting Officer (TCO). Contractors must use Standard Form 1428 to prepare these schedules and submit them within 120 days of the contract's effective termination date, unless the TCO grants an extension based on a written justification. This process is critical for the proper settlement of terminated contracts and the disposition of government property.
Key Rules
- Submission Requirement
- Contractors must submit complete inventory disposal schedules for all termination inventory related to the terminated contract portion.
- Deadline
- Schedules must be submitted within 120 days from the effective date of termination, unless an extension is granted by the TCO.
- Form Requirement
- Inventory schedules must be prepared using Standard Form 1428 (Inventory Disposal Schedule).
Responsibilities
- Contracting Officers: Review and approve inventory disposal schedules, grant extensions if justified.
- Contractors: Identify, document, and report all termination inventory using SF 1428 within the required timeframe.
- Agencies: Oversee compliance and ensure proper disposition of government property.
Practical Implications
- This section ensures accountability for government property after contract termination.
- Timely and accurate submission of inventory schedules is essential for settlement and property disposition.
- Delays or incomplete submissions can result in settlement delays or compliance issues.