Government Furnished Property(GFP)
Property (equipment, materials, or facilities) provided by the government to the contractor for contract performance.
Overview
Government Furnished Property (GFP) encompasses all government-owned property provided to the contractor — equipment (GFE), materials, tooling, and real property. Contractors use GFP to perform the contract but must safeguard and account for it.
Why It Matters in GovCon
GFP terms are in many solicitations, especially for maintenance, sustainment, and facilities contracts. Contractors must understand property clauses, reporting requirements, and liability for loss or damage to avoid contract default.
Key Details
- FAR 52.245: Standard clauses for government property.
- Property System: Contractors need an adequate property management system when handling GFP.
- Audit: DCAA and other auditors may review property controls.
- Disposition: Contract specifies return, transfer, or disposal of GFP at contract end.
Related Terms
- Government Furnished Equipment (GFE)
- Government Property
- FAR Part 45
- Contractor Acquired Property
More Contracts Terms
A simplified method of filling anticipated repetitive needs for supplies or services by establishing charge accounts with qualified vendors.
A numbered item in a contract that identifies a specific deliverable, service, or unit of work along with its quantity and price.
A contract type where the government reimburses the contractor for allowable costs plus a predetermined fixed fee representing profit.
An order placed against an existing contract for the delivery of supplies or materials.
A contract type where the price is set at award and does not change regardless of the contractor's actual costs, placing maximum risk on the contractor.
Long-term government-wide contracts with commercial firms that provide federal agencies access to products and services at pre-negotiated prices.
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