(a) Except as provided in paragraph (b) below, a contract is considered to be physically completed when -
(1)
(i) The contractor has completed the required deliveries and the Government has inspected and accepted the supplies;
(ii) The contractor has performed all services and the Government has accepted these services; and
(iii) All option provisions, if any, have expired; or
(2) The Government has given the contractor a notice of complete contract termination.
(b) Rental, use, and storage agreements are considered to be physically completed when -
(1) The Government has given the contractor a notice of complete contract termination; or
(2) The contract period has expired.
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