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TITLE VIII--ACQUISITION POLICY, ACQUISITION MANAGEMENT, AND RELATED MATTERS Subtitle C — Amendments To General Contracting Authorities, Procedures, And Limitations |
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P. L. 114- |
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SEC. 837. CLOSEOUT OF OLD DEPARTMENT OF
THE NAVY CONTRACTS. (a) Authority.—The Secretary of the Navy may close out contracts described in subsection (b) through the issuance of one or more modifications to such contracts without completing further reconciliation audits or corrective actions other than those described in this section. To accomplish closeout of such contracts—
(b) Contracts Covered.—The contracts covered by this section are a group of contracts that are with one contractor and identified by the Secretary, each one of which is a contract—
(c) Closeout Terms.—The contracts described in subsection (b) may be closed out—
(d) Waiver Authority.—
(e) Adjustment And Closure Of
Records.—After closeout of any contract described in subsection
(b) using the authority under this section, the payment or
accounting offices concerned may adjust and close any open
finance and accounting records relating to the contract. |
Closeout of old Department of the Navy
contracts (sec. 837)
The Senate bill contained a provision (sec. 829K) that would grant the Secretary of the Navy authority to close out contracts entered into between fiscal years 1974 and 1998 to design, construct, repair, or support the construction or repair of Navy submarines without completing further reconciliation audits other than those described in this section. The House amendment contained a similar provision (sec. 837). The House recedes with an amendment that would make a series of technical corrections to conform the language of this provision to similar provisions in this bill. |