FAR 42.902 Procedures
Section Federal Acquisition Regulation
Facts
- Citation
- FAR 42.902
- Type
- Section
- Text as of
- FAC 2026-01
- Official text
- acquisition.gov
Text from acquisition.gov. Federal Register history from the Federal Register's records of the rules that amended this section.
Text
(a) When notified of bankruptcy proceedings, agencies shall, as a minimum-
(1) Furnish the notice of bankruptcy to legal counsel and other appropriate agency offices (e.g., contracting, financial, property) and affected buying activities;
(2) Determine the amount of the Government’s potential claim against the contractor (in assessing this impact, identify and review any contracts that have not been closed out, including those physically completed or terminated);
(3) Take actions necessary to protect the Government’s financial interests and safeguard Government property; and
(4) Furnish pertinent contract information to the legal counsel representing the Government.
(b) The contracting officer shall consult with legal counsel, whenever possible, prior to taking any action regarding the contractor’s bankruptcy proceedings.
Quick answers
What is FAR 42.902?
FAR 42.902 is a section of the Federal Acquisition Regulation, titled "Procedures".
Are changes to FAR 42.902 proposed?
No proposed rule from the last 3 years is waiting on a final rule.
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