Common use of NOTIFICATION OF OWNERSHIP CHANGES Clause in Contracts

NOTIFICATION OF OWNERSHIP CHANGES. a. The Contractor shall notify the Procurement Services Office within thirty (30) calendar days, in writing, when the Contractor becomes aware that a change in its ownership has occurred, or is certain to occur. b. The Procurement Services Office reserves the right to request accounting records from the Contractor, whenever the Procurement Services Office determines that the ownership changes may affect any cost and pricing data required by the contract, if applicable. For this purpose, the Contractor shall: (1) Maintain current, accurate, and complete inventory records of assets and their costs; (2) Provide the Procurement Services Office ready access to the records upon request; (3) Ensure that all individual and grouped assets, their capitalized values, accumulated depreciation or amortization, and remaining useful lives are identified accurately before and after each of the Contractor's ownership changes; and (4) Retain and continue to maintain depreciation and amortization schedules based on the asset records maintained before each Contractor ownership change.

NOTIFICATION OF OWNERSHIP CHANGES. a. a) The Contractor shall notify the Procurement Services Office within thirty (30) calendar days, in writing, when the Contractor becomes aware that a change in its ownership has occurred, occurred or is certain to occur. b. b) The Procurement Services Office reserves the right to request accounting records from the Contractor, whenever the Procurement Services Office determines that the ownership changes may affect any cost and pricing data required by the contract, if applicable. For this purpose, the Contractor shall: (1) Maintain current, accurate, and complete compolete inventory records of assets and their costs; (2) Provide the Procurement Services Office ready access to the records upon records upon request; (3) Ensure that all individual and grouped assets, their capitalized values, accumulated depreciation or amortization, and remaining useful lives are identified accurately before and after each of the Contractor's ’s ownership changes; and (4) Retain and continue to maintain depreciation and amortization schedules based on the asset records maintained before each Contractor ownership change. c) The Contractor shall include the substance of this clause in all subcontracts under this contract.