§1155 Contract Termination

Summary

Before ending any Coast Guard contract worth more than $1,000,000, the Commandant of the Coast Guard must notify each vendor and require them to keep all work product from the contract. Vendors must keep that material until either 1 year after the notice or until the Commandant says they can stop. "Work product" means things made or held because of the contract, including finished and unfinished items and any property the United States has an interest in. If a vendor fails to keep the work product, it can be fined up to $25,000 for each day the material is missing. Within 45 days after each fiscal year ends, the Commandant must send a report to the House Committee on Transportation and Infrastructure and the Senate Committee on Commerce, Science, and Transportation. The report must list contracts over $1,000,000 that were ended, vendors who got notices and the notice dates, investigations started and finished about those contracts, and an estimate of costs tied to these requirements (including contract line items and termination costs). No report is needed for a year when none of those items exist.