Procedure for Submission of Invoices for Over-Age Contracts

AGENCY:

Overseas Private Investment Corporation (OPIC).

ACTION:

Notice of intent to execute quick closeout procedures.

SUMMARY:

The Overseas Private Investment Corporation (OPIC) currently has contracts that are considered over-age and developed procedures that would enable the Agency to closeout these elapsed actions in an efficient and cost-effective manner. OPIC seeks to facilitate the closeout of these actions by requesting all OPIC contractors with contracts identified on this list submit any outstanding invoices.

DATES:

For the contract actions listed herein, interested parties must submit all outstanding invoices within 60 days after publication of this notice.

ADDRESSES:

Mail all comments, questions or invoices in response to this notice to Anthony Terrell, Overseas Private Investment Corporation, 1100 New York Avenue NW, Washington, DC 20527. See SUPPLEMENTARY INFORMATION for other information about submissions.

FOR FURTHER INFORMATION CONTACT:

Anthony Terrell, Office of Acquisitions, Overseas Private Investment Corporation, 1100 New York Ave. NW, Washington, DC 20527, 202-357-3960; anthony.terrell@opic.gov.

SUPPLEMENTARY INFORMATION:

The Overseas Private Investment Corporation (OPIC) currently has contracts that are considered over-age, as the period of performance or final delivery date of these actions have expired and the standard time allowed for contract file closeout has elapsed. OPIC developed procedures that would enable the Agency to closeout these elapsed actions in an efficient and cost-effective manner. These procedures required the Agency to identify those expired contracts that could more easily be closed out based on certain criteria.

The identified contracts not only pose a significant burden to various acquisition and financial systems, but they also impede OPIC's ongoing efforts to strengthen and modernize its financial management practices. One of these modernization practices involves transitioning to a new contract writing system, which involves the conversion of financial data for all OPIC contract actions that are active. The procedures OPIC developed to significantly reduce the number of expired contracts with unliquidated funds will enable OPIC to expeditiously close these actions. OPIC developed the procedures using risk-based management principles by first identifying and classifying open, expired contracts as low-risk based on the following criteria: (i) The contract has a period of performance that expired prior to Sept. 30, 2016; (ii) the contract expired and the additional time allowed for contract file closeout under FAR 4.804-1(a) has elapsed; and (iii) the contract had no invoice or payment activity within the past 12 months.

Notwithstanding OPIC's intention to expeditiously closeout the actions identified at the aforementioned list, contractors' rights are protected under 41 U.S.C. 7101-7109, which establishes procedures for filing claims against Federal Government contracts. Normal contract file retention requirements will apply after closeouts under FAR 4.805.

OPIC seeks to facilitate the closeout of these actions, as required under Federal Acquisition Regulation (FAR) 4.804-1(a), by requesting all OPIC contractors with contracts identified on this list submit any outstanding invoices.