Proposed Changes to FAR Part 45 "To Add Clarity and Correction" to Government Property Provisions

Contractors handling Government property should be aware of upcoming changes to Federal Acquisition Regulation ("FAR") Part 45. Revisions to FAR 45 and other provisions relating to Government property were made throughout 2007 (see Federal Acquisition Circular 2005-17, FAR Case 2004-025) and continue with the August 6, 2009 proposed rule (see FAR Case 2008-011). The proposed rule is intended merely "to add clarity and correction" to the previously published final rule for Part 45, published May 15, 2007. However, contractors who must comply with Government property regulations must be alert to the implications of the rule change on the allocation of the risk of loss for Government property, requirements for contractor property management systems, and contractors' right to obtain profit on contractor-acquired property used in performance but not a deliverable under the contract.

Please see full article below for more information.

LOADING PDF: If there are any problems, click here to download the file.

Published In: Administrative Agency Updates, General Business Updates, Construction Updates, Residential Real Estate Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Sheppard Mullin Richter & Hampton LLP | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »