Term -Contractor inventory

(1) Any property acquired by and in the possession of a
contractor or subcontractor under a contract for which title is vested
in the Government and which exceeds the amounts needed to complete full
performance under the entire contract;

(2) Any property that the Government is obligated or has the option to
take over under any type of contract, e.g., as a result either of any
changes in the specifications or plans thereunder or of the terminationof the contract (or subcontract thereunder), before completion of the
work, for the convenience or at the option of the Government; and

(3) Government-furnished property that exceeds the amounts needed to
complete full performance under the entire contract.

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