terminated contract claims

Liabilities1

1. 450-912Contractors—Federal Government450 Contingencies

   ASC 450-912 is the contingencies guidance specific to contractors dealing with the U.S. federal government. It addresses contingencies arising when a contract is terminated for the convenience of the government and contingencies related to subcontractor claims under those terminated contracts. The substantive recognition guidance is largely cross-referenced elsewhere—subcontractor claim contingencies are addressed in paragraph 912-20-25-3, and the former recognition paragraph was superseded by ASU 2014-09.