Claims for damage to or loss of procured commodities.

CFR · 2024-01-01 · US · Title 7

(a) The recipient will be responsible for claims arising out of damage to or loss of a quantity of the procured commodities after the transfer of title to the procured commodities from the commodity vendor(s) to the recipient. (b) If the recipient has title to procured commodities that have been damaged or lost, and the value of the damaged or lost procured commodities is estimated to be in excess of $20,000, the recipient must: (1) Notify FAS immediately and provide detailed information about the circumstances surrounding such damage or loss, the quantity of damaged or lost procured commodities, and the value of the damage or loss; (2) Promptly upon discovery of the damage or loss, initiate a claim arising out of such damage or loss, including, if appropriate, initiating an action to collect pursuant to a commercial insurance contract; (3) Take all necessary action to pursue the claim diligently and within any applicable periods of limitations; and (4) Provide to FAS copies of all documentation relating to the claim. (c) If the recipient has title to procured commodities that have been damaged or lost, and the value of the damaged or lost procured commodities is estimated to be $20,000 or less, the recipient must notify FAS in accordance with the agreement and provide detailed information about the damage or loss in the next report required to be filed under § 1590.14(e). (d)(1) The value of a claim for lost procured commodities will be determined on the basis of the commodi

official document · source cfr-2024 · id 7:§ 1590.11