§1155 Contract termination

Summary

Before ending any Coast Guard procurement or acquisition contract worth more than $1,000,000, the Commandant must tell each vendor and require the vendor to keep all contract-related work product until either at least 1 year after that notice or the day the Commandant says the vendor can stop keeping it. Work product means both physical and nonphysical items and information from the contract and includes completed and unfinished end items and any property the United States has an interest in. A vendor who does not keep the work product can be fined up to $25,000 for each day the material is unavailable. Within 45 days after a fiscal year ends, unless there is nothing to report, the Commandant must send a report to the Committee on Transportation and Infrastructure of the House of Representatives and the Committee on Commerce, Science, and Transportation of the Senate. The report must cover terminated Coast Guard contracts over $1,000,000, vendors who were notified and the notice dates, investigations opened and finished about such contracts, and an estimate of Coast Guard costs tied to these requirements, including contract line items and termination costs.