49.303-2
Submission of inventory disposal schedules
Contractors must submit a complete inventory disposal schedule on SF 1428 to the TCO within 120 days of contract termination, unless an extension is granted.
Overview
FAR 49.303-2 outlines the requirements for contractors to submit inventory disposal schedules when a contract is terminated and termination inventory exists. Contractors must provide a complete inventory disposal schedule to the Termination Contracting Officer (TCO), detailing all inventory allocable to the terminated portion of the contract. This submission must occur within 120 days from the effective date of termination, unless the TCO grants an extension based on a written justification. The inventory disposal schedule must be prepared using Standard Form 1428 (Inventory Disposal Schedule). This process ensures proper accounting and disposition of government property following contract termination.
Key Rules
- Submission Requirement
- Contractors must submit a complete inventory disposal schedule for all termination inventory.
- Deadline
- The schedule must be submitted within 120 days of contract termination, unless an extension is granted by the TCO.
- Form Requirement
- The inventory disposal schedule must be prepared on Standard Form 1428.
Responsibilities
- Contracting Officers: Review and approve inventory disposal schedules, grant extensions if justified.
- Contractors: Prepare and submit accurate inventory disposal schedules within the required timeframe using the correct form.
- Agencies: Oversee compliance and ensure proper disposition of government property.
Practical Implications
- This section ensures that government property is properly accounted for and disposed of after contract termination.
- Contractors must be diligent in tracking and reporting inventory to avoid compliance issues or delays in contract closeout.
- Failure to submit timely or accurate schedules can result in administrative complications or financial penalties.