Sale of Surplus Government Personal Property

GENERAL SERVICES ADMINISTRATION

41 CFR Part 101-45

[FPMR Amendment H-189]

Sale of Surplus Government Personal Property

AGENCY: Federal Supply Service, GSA.

ACTION: Final rule.

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SUMMARY: This regulation incorporates into the FPMR a reference to

``Uniform Customs and Practices for Documentary Credits'' (UCP) which

is published by the International Chamber of Commerce (ICC), an

international not-for-profit organization. To prevent copyright

infringement, it is necessary to acknowledge the fact the UCP is

copyrighted and may only be reproduced upon permission of ICC.

EFFECTIVE DATE: May 24, 1994.

FOR FURTHER INFORMATION CONTACT:

Lester D. Gray, Jr., Director, Property Management Division (703-305-

7240).

SUPPLEMENTARY INFORMATION: The General Services Administration (GSA)

has determined that this rule is not a significant rule for the

purposes of Executive Order 12866.

REGULATORY FLEXIBILITY ACT: This final rule is not required to be

published in the Federal Register for notice and comment. Therefore,

the Regulatory Flexibility Act does not apply.

List of Subjects in 41 CFR Part 101-45

Government property management, Surplus Government property.

For the reasons set forth in the preamble, 41 CFR Part 101-45 is

amended as follows:

PART 101-45--SALE, ABANDONMENT, OR DESTRUCTION OF PERSONAL PROPERTY

1. The authority citation for Part 101-45 continues to read as

follows:

Authority: Sec. 205(c), 63 Stat. 390; 40 U.S.C. 486(c).

Subpart 101-45.48--Exhibits

2. Section 101-45.4802 is revised to read as follows:

Sec. 101-45.4802 Sample Format--Irrevocable Letter of Credit.

(Name and address of Bank Issuing letter of Credit)

(Date)

(Number of Letter of Credit and reference)

Treasurer of the United States

Washington, DC 20220

Dear Madam: We hereby establish our irrevocable letter of credit

No. ________ in your favor by order and for account of (name of

company submitting bid) up to an aggregate amount of $________

available by demand drafts drawn on us by a representative of

(specify agencies to which directed: e.g., Department of the Army,

Department of the Air Force, General Services Administration).

Drafts must be accompanied by a written statement of the interested

agency that the amount drawn under this credit represents (1) the

deposit required as a guarantee to support an acceptable bid made by

(name of bidder) to purchase material from the Government, or (2)

payment in full for the property. Drafts drawn under this credit

must be marked ``drawn under letter of credit No. ________ of (name

and address of issuing bank).''

Unless otherwise expressly stated herein, this credit is subject

to the Uniform Customs and Practice for Commercial Documentary

Credits> fixed by the 13th Congress of the International

Chamber of Commerce. We hereby agree with you that the drafts drawn

under and in compliance with the terms of this credit shall be duly

honored on due presentation to the (name of the bank) if presented

on or before ________.

Very truly yours, (Authorized signature of bank official).

3. Section 101-45.4803 is revised to read as follows:

Sec. 101-45.4803 General Instructions for Preparation of Irrevocable

Letter of Credit.

Use either clause (1) or (2) of Sec. 101-45.4802, as applicable.

Some Banks use language which varies from that shown in

Sec. 101.45.4802. Variations from the prescribed text maybe permitted

if the meaning of the letter of credit prepared by the bank is the

same. Each of the paragraphs of the prescribed letter of credit is an

essential part of the agreement. No paragraphs shall be added and none

shall be deleted.

A letter of credit may be addressed to a specific department or

agency instead of ``Treasurer of the United States,'' Letters of credit

of this type shall be addressed to the head of the agency or

department, as the Secretary of the Army, or the Administrator of

General Services. Should this be done, the words ``Treasurer of the

United States for the account of'' shall be deleted from the draft

drawn under the letter of credit.

Each letter of credit must be clearly irrevocable and is not

acceptable if the expiration date stated therein is less than 30 days

from the date of the sale at which it is used.

Dated: May 12, 1994.

Julia M. Stasch,

Acting Administrator of General Services.

[FR Doc. 94-12561 Filed 5-23-94; 8:45 am]

BILLING CODE 6820-24-M