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PART 1245 -
GOVERNMENT PROPERTY
SUBPART
1245.5--MANAGEMENT OF GOVERNMENT PROPERTY IN THE POSSESSION OF CONTRACTORS
1245.505 Records
and reports of Government property.
1245.505-14 Reports of Government property.
When Government property is furnished to or acquired by the
contractor to perform the contract, the contract shall require the contractor
to submit annual reports (see (FAR) 48 CFR
45.505-14) to the contracting officer not later than September 15 of
each year. The contractor's report shall be submitted on Form DOT F 4220.43,
Contractor Report of Government Property.
1245.505-70
Contract clauses.
Contracting officers shall insert the clause at (TAR) 48 CFR
1252.245-70 in solicitations and contracts when the contract will
require Government provided or contractor acquired property.
1245.508-2 Reporting results of inventories.
The inventory report shall also include the following:
(a) Name and title of the individual(s) that performed the
physical inventory;
(b) An itemized, categorized listing of all property
capitalized:
(1) Land and rights therein;
(2) Other real property;
(3) Plant equipment;
(4) Special test equipment; agency peculiar property; and
(5) Special tooling; and
(c) An itemized listing of the property lost, damaged,
destroyed, or stolen, the circumstances surrounding each incident, and the
resolution of the incident.
1245.511 Audit of property control system.
(a) The property administrator (or other Government
official authorized by the contracting officer) shall audit the contractor's
property control system whenever there are indications that the contractor's
property control system may be deficient. Examples of deficiencies are:
(1) Failure of the contractor to acknowledge receipt of
Government-furnished property;
(2) Failure of the contractor to submit the annual property
reports required by (TAR) 48 CFR
1245.505-14;
(3) Failure of the contractor to reconcile its physical
inventory with its property control record; or
(4) Failure of the contractor to submit a Government
property listing when requested by the property administrator.
(b) When it is determined that the contractor's property
control system is deficient, the property administrator, in coordination with
the contracting officer, shall discuss the deficiencies with the contractor. If
the contractor does not take action to correct the deficiencies, the
contracting officer shall provide the contractor with a written notice of the
deficiencies and the date all deficiencies must be corrected.