Sec. 811. Closeout of old contracts
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/bill/114/s/2814/is/section-811·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 contracts described in subsection
(b)through the issuance of one or more modifications to existing Department of the Navy contracts without completing further reconciliation audits or corrective actions other than those described in this section. To accomplish close out 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 previously or currently obligated to fund each contract line item and regardless of whether either appropriation has closed; and remaining contract balances may be offset with balances on other contracts regardless of the year or type of appropriation previously or currently obligated to fund each contract and regardless of whether either appropriation has closed. The contracts covered by this section are contracts to design, construct, repair, or support the construction or repair of Navy submarines that— were entered into between fiscal years 1974 and 1998; and have no further supply or services deliverables due under the terms and conditions of the contract; The Secretary of the Navy has established the total final contract value for each contract; and The Secretary of the Navy has determined the final allowable cost for each contract that 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 have been destroyed or lost; or the records are available but the Contracting Officer in collaboration with the Certifying Official has determined that a discrepancy is of a de minimis value such 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 identified 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; or without payment to the contractor of any amounts that may be due under any such contracts. In any case where this authority is exercised, the cognizant payment or accounting offices may adjust and close any open finance and accounting records. No liability will attach to any accounting, certifying, or payment official or contracting officer for any adjustments or close out made pursuant to this authority.