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4.804-4 Physically completed contracts.

4.804-4 Physically completed contracts.

      (a) Except as provided in paragraph (b) of this section, a contract is considered to be physically completed when-

           (1)

(i) The contractor has completed the required deliveries and the Government has inspected and accepted the supplies;

                (ii) The contractor has performed all services and the Government has accepted these services; and

                (iii) All option provisions, if any, have expired; or

           (2) The Government has given the contractor a notice of complete contract termination.

      (b) Rental, use, and storage agreements are considered to be physically completed when-

           (1) The Government has given the contractor a notice of complete contract termination; or

           (2) The contract period has expired.