Sec. 837. Closeout of old Department of the Navy contracts
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/bill/114/hr/4909/eh/section-837·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Notwithstanding any other provision of law, the Secretary of the Navy may close out the 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— remaining contract balances may be offset with balances in other contract line items within a contract regardless of the year or type of appropriation obligated to fund each contract line item and regardless of whether the appropriations for such contract line items have closed; and remaining contract balances may be offset with balances on other contracts regardless of the year or type of appropriation obligated to fund each contract and regardless of whether the appropriations for such contract line item have closed. 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— to design, construct, repair, or support the construction or repair of Navy submarines that— was entered into between fiscal years 1974 and 1998; and has no further supply or services deliverables due under the terms and conditions of the contract; with respect to which the Secretary of the Navy has established the total final contract value; and with respect to which the Secretary of the Navy has determined that the final allowable cost may have a negative or positive unliquidated obligation balance for which it would be difficult to determine the year or type of appropriation because— the records for the contract have been destroyed or lost; or the records for the contract are available but the contracting officer, in collaboration with the certifying official, has determined that a discrepancy is of such a minimal value that the time and effort required to determine the cause of an out-of-balance condition is disproportionate to the amount of the discrepancy. The contracts described in subsection
(b)may be closed out— upon receipt of $581,803 from the contractor, to be deposited into the Treasury as miscellaneous receipts; and without seeking further amounts from the contractor, and without payment to the contractor of any amounts that may be due under such contracts. After closeout of any contract described in subsection
(b)using the authority of this section, the payment or accounting offices concerned may adjust and close any open finance and accounting records relating to the contract.