contractor inventory

Defined in 1 dictionary — U.S. Code

United States Code

40 U.S.C. § 102 — in this section (2 versions over time)

The term “contractor inventory” means—

(A) property, in excess of amounts needed to complete full performance, that is acquired by and in possession of a contractor or subcontractor under a contract pursuant to which title is vested in the Federal Government; and

(B) property that the Government is obligated or has the option to take over, under any type of contract, as a result of changes in specifications or plans under the contract, or as a result of termination of the contract (or a subcontract), prior to completion of the work, for the convenience or at the option of the Government.