contractor inventory
Defined in 1 place of the United States Code.
Contractor inventory.—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.
Source
- 2002–202640 U.S.C. § 102Public Buildings, Property, and Works · Definitions · in this section
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.
Source
- 2026–present40 U.S.C. § 102Public Buildings, Property, and Works · Definitions · in this section