48 C.F.R. § 49.406
49.406 Liquidation of liability.
The contract provides that the contractor and the surety are liable to the Government for resultant damages. The contracting officer shall use all retained percentages of progress payments previously made to the contractor and any progress payments due for work completed before the termination to liquidate the contractor's and the surety's liability to the Government. If the retained and unpaid amounts are insufficient, the contracting officer shall take steps to recover the additional sum from the contractor and the surety.
Notes of Decisions
Cited in 2
cases, 1998–1998 · leading case: Century Marine Incorporated v. United States
Century Marine Incorporated v. United States (1998)
“” 48 C.F.R. § 49.406 . . Under § 603 of the Contract Disputes Act, subject matter jurisdiction in appeals of administrative decisions involving federal maritime contracts vests in the federal district courts, rather than in the Court of Claims (now the Court of Federal Claims)…”
Century Marine Inc v. United States (1998)
“” 48 C.F.R. § 49.406 . 4 In July 1994, Century submitted a “Request For Equitable Adjustment and For Conversion of a Termination For Default to a Termination For Convenience.”
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