Page:United States Statutes at Large Volume 56 Part 1.djvu/1012

 [56 STAT. PUBLIC LAWS-CH. 619-OCT. 21, 1942 Agreements for elimination of exces- sive profits. Filing of statements of actual costs of pro- duction. Applicability. Ante, p. 982; post, p. 985. Ante, p. 2S. "(4) Upon renegotiation pursuant to this section, the Secretary may make such final or other agreements with a contractor or sub- contractor for the elimination of excessive profits and for the dis- charge of any liability for excessive profits under this section, as the Secretary deems desirable. Such agreements may cover such past and future period or periods, may apply to such contract or contracts of the contractor or subcontractor, and may contain such terms and conditions, as the Secretary deems advisable. Any such agreement shall be final and conclusive according to its terms; and except upon a showing of fraud or malfeasance or a wilful misrepresentation of a material fact, (i) such agreement shall not be reopened as to the matters agreed upon, and shall not be modi- fied by any officer, employee, or agent of the United States; and (ii) such agreement and any determination made in accordance therewith shall not be annulled, modified, set aside, or disregarded in any suit, action, or proceeding. "(5) Any contractor or subcontractor who holds contracts or subcontracts, to which the provisions of this section are applicable, may file with the Secretaries of all the Departments concerned statements of actual costs of production and such other financial statements for any prior fiscal year or years of such contractor or subcontractor, in such form and detail, as the Secretaries shall prescribe by joint regulation. Within one year after the filing of such statements, or within such shorter period as may be pre- scribed by such joint regulation, the Secretary of a Department may give the contractor or subcontractor written notice, in form and manner to be prescribed in such joint regulation, that the Secretary is of the opinion that the profits realized from some or all of such contracts or subcontracts may be excessive, and fixing a date and place for an initial conference to be held within sixty days thereafter. If such notice is not given and renegotiation commenced by the Secretary within such sixty days the contractor or subcontractor shall not thereafter be required to renegotiate to eliminate excessive profits realized from any such contract or subcontract during such fiscal year or years and any liabilities of the contractor or subcontractor for excessive profits realized dur- ing such period shall be thereby discharged. (6) This subsection (c) shall be applicable to all contracts and subcontracts hereafter made and to all contracts and subcontracts heretofore made, whether or not such contracts or subcontracts contain a renegotiation or recapture clause, unless (i) final pay- ment pursuant to such contract or subcontract was made prior to April 28, 1942, or (ii) the contract or subcontract provides other- wise pursuant to subsection (b) or (i), or is exempted under sub- section (i), of this section 403, or (iii) the aggregate sales by the contractor or subcontractor, and by all persons under the control of or controlling or under common control with the contractor or subcontractor, under contracts with the Departments and subcon- tracts thereunder do not exceed, or in the opinion of the Secretary concerned will not exceed, $100,000 for the fiscal year of such con- tractor or subcontractor. "No renegotiation of the contract price pursuant to any pro- vision therefor, or otherwise, shall be commenced by the Secretary more than one year after the close of the fiscal year of the con- tractor or subcontractor within which completion or termination of the contract or subcontract, as determined by the Secretary, occurs." (b) Subsection (f) of section 4Q3 of the Sixth Supplemental National Defense Appropriation Act (Public 528, 77th Cong., 2d Sess.), is amended to read as follows: ' 984

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