COR Government-Furnished Property & Equipment 3

Question 1

If a contractor identifies excess Government property during contract performance, what is the required first step?

Accepted Answer

Notify the contracting officer so proper disposition instructions can be issued

Answer

Immediately return it to the nearest Government warehouse

Answer

Sell the excess property and credit the proceeds to the contract

Answer

Use the property on a different Government contract without authorization

Question 2

Which form is commonly used to transfer accountability of Government property between contracts or agencies?

Accepted Answer

DD Form 1149 (Requisition and Invoice/Shipping Document)

Answer

SF-1449 (Solicitation/Contract/Order for Commercial Items)

Answer

OF-347 (Order for Supplies or Services)

Answer

SF-30 (Amendment of Solicitation/Modification of Contract)

Question 3

Under FAR Part 45, which of the following actions by a contractor would make the contractor liable for loss of Government property regardless of their approved property management system?

Accepted Answer

Loss resulting from the contractor's willful misconduct or lack of good faith

Answer

Accidental damage due to normal wear and tear

Answer

Loss caused by a natural disaster beyond the contractor's control

Answer

Loss caused by a subcontractor the prime contractor did not select

Question 4

When Government property is provided to a subcontractor, who retains responsibility for ensuring the property is properly managed?

Accepted Answer

The prime contractor, who remains accountable to the Government

Answer

The subcontractor, once they sign a property receipt

Answer

The Government agency that originally provided the GFP

Answer

DCMA, which assumes direct oversight of all subcontractors

Question 5

What must the COR verify before Government-Furnished Equipment is delivered to a contractor?

Accepted Answer

That the equipment is in acceptable condition and properly documented, and that delivery is reflected in contract records

Answer

That the contractor has adequate insurance coverage for the equipment

Answer

That the contractor's facility has passed a security clearance inspection

Answer

That the contractor has waived all rights to file a claim for defective GFE

Question 6

Which term describes Government property that is provided to a contractor at no charge for use in performing the contract?

Accepted Answer

Government-Furnished Property (GFP)

Answer

Bailment property

Answer

Loan property

Answer

Borrowed property

Question 7

At contract closeout, what action must a contractor take regarding all Government property in its possession?

Accepted Answer

Return, transfer, or otherwise dispose of all Government property in accordance with contracting officer instructions

Answer

Transfer title to the contractor as compensation for storage costs

Answer

Retain the property until the Government files a formal request for return

Answer

Sell the property through a sealed-bid auction and remit proceeds to the Treasury