§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 the vendor to keep all work product related to the contract. Vendors must keep that work product for at least 1 year after the notice or until the Commandant tells them they can stop, whichever comes first. "Work product" means the things and information created or held because of the contract. It includes completed items, unfinished items, and any contractor 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 each fiscal year, the Commandant must report to two congressional committees about any terminated contracts over $1,000,000, the vendors notified and dates, investigations started and finished about such contracts, and estimated costs to the Coast Guard from these requirements—unless there is nothing to report for that year.