Overview
This section prescribes the mandatory Standard Forms (SF) used for the reporting, reutilization, disposal, and accounting of Government property throughout the contract lifecycle.
Key Rules
- Excess Property Reporting: Use SF 120 and SF 120A to report excess personal property to the General Services Administration (GSA).
- Property Sales: Use SF 126 and SF 126A when reporting personal property that is intended for sale.
- Verification and Reporting: Use SF 1423 for inventory verification surveys and SF 1424 for the final Inventory Disposal Report.
- Disposal Schedules: Use SF 1428 and SF 1429 to provide detailed schedules of inventory identified for disposal.
- Local Reproduction: The FAR explicitly authorizes the local reproduction of SF 1424, SF 1428, and SF 1429 to facilitate administrative ease.
Practical Implications
- Contractors and Property Administrators must use these specific standardized forms to ensure regulatory compliance during the contract closeout and property disposition processes.
- The integration of these forms with FAR Part 45 requirements ensures a consistent audit trail for the tracking and transfer of Government-owned assets.