49.602-2
Inventory forms
Contractors must use SF 1428 and SF 1429 to document inventory when submitting settlement proposals for terminated contracts, ensuring proper accountability and compliance.
Overview
FAR 49.602-2 mandates the use of Standard Form (SF) 1428, Inventory Disposal Schedule, and SF 1429, Inventory Disposal Schedule-Continuation Sheet, when supporting settlement proposals for terminated contracts. These forms are required to document and report inventory related to contract termination settlements, ensuring that all government property and materials are properly accounted for and disposed of in accordance with federal regulations. The section ties directly to the settlement proposal forms referenced in FAR 49.602-1(b) and (d), making these inventory forms a critical part of the contract closeout and settlement process.
Key Rules
- Use of SF 1428 and SF 1429
- Contractors must use SF 1428 and, if necessary, SF 1429 to list and describe inventory when submitting settlement proposals for terminated contracts.
- Supporting Settlement Proposals
- These inventory forms must accompany the settlement proposal forms specified in FAR 49.602-1(b) and (d).
Responsibilities
- Contracting Officers: Ensure contractors submit the required inventory forms with settlement proposals and review for completeness and accuracy.
- Contractors: Accurately complete and submit SF 1428 and SF 1429 as part of the settlement proposal package for terminated contracts.
- Agencies: Oversee compliance with inventory reporting and proper use of required forms during contract termination settlements.
Practical Implications
- This section ensures standardized documentation and accountability for government property during contract termination settlements.
- Proper completion and submission of these forms is essential for timely settlement and contract closeout.
- Common issues include incomplete inventory listings or failure to use the correct forms, which can delay settlement processing.