Page:United States Statutes at Large Volume 65.djvu/45

 65 STAT.]

PUBLIC LAW 9—MAR. 23, 1951

fiscal year of the partnership or partnerships involved in such readjustment shall be determined in accordance with regulations prescribed by the Board. (i) RECEIVED OR ACCRUED AND PAID OR INCURRED.—The terms "received or accrued" and "paid or incurred" shall be construed according to the method of accounting employed by the contractor or subcontractor in keeping his records, but if no such method of accounting has been employed, or if the method so employed does not, in the opinion of the Board, or, upon redetermination, in the opinion of The Tax Court of the United States, properly reflect his receipts or accruals or payments or obligations, such receipts or accruals or such payments or obligations shall be determined in accordance with such method as in the opinion of the Board, or, upon redetermination, in the opinion of The Tax Court of the United States, does properly reflect such receipts or accruals or such payments or obligations. (j) PERSON.—The term "person" shall include an individual, firm, corporation, association, partnership, and any organized group of persons whether or not incorporated. (k) MATERIALS.—The term "materials" shall include raw materials, articles, commodities, parts, assemblies, products, machinery, equipment, supplies, components, technical data, processes, and other personal property. (1) AGENCY OF THE GOVERNMENT.—The term "agency of the Government" means any part of the executive branch of the Government or any independent establishment of the Government or part thereof, including any department (whether or not a Department as defined in subsection (a) of this section), any corporation wholly or partiv owned by the United States which is an instrumentality of the United States, or any board, bureau, division, service, office, officer, employee, authority, administration, or other establishment of the Government which is not a part of the legislative or judicial branches. SEC. 104. RENEGOTIATION CLAUSE IN CONTRACTS. Subject to section 106(a) the Secretary of each Department specif- Post, p. 17. ically named in section 103(a) shall insert in each contract made by such Department thirty days or more after the date of the enactment of this Act, and the Secretary of each Department designated by the President under section 103(a) shall insert in each contract made by such Department thirty days or more after the date of such designation, a provision under which the contractor agrees— (1) to the elimination of excessive profits through renegotiation; (2) that there may be withheld by the United States from amounts otherwise due the contractor, or that he will repay to the United States, if paid to him, any excessive profits; (3) that he will insert in each subcontract described in section Ante, p. 10. 103 (g) a provision under which the subcontractor agrees— (A) to the elimination of excessive profits through renegotiation; (B) that there may be withheld by the contractor for the United States from amounts otherwise due to the subcontractor, or that the subcontractor will repay to the United States, if paid to him, any excessive profits; (C) that the contractor shall be relieved of all liability to the subcontractor on account of any amount so withheld, or so repaid by the subcontractor to the United States; (D) that he will insert in each subcontract described in

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