Exchange or Sale of Similar Items Under Federal Property Act

B-163084,B-186675: Jul 15, 1976

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The propriety of a proposed exchange of silver for equivalent dollar amounts of gold under the Federal Property and Administrative Services Act of 1949, as amended, and implementing regulations was questioned. The General Services Administration properly disapproved the proposed exchange since the gold to be acquired would not serve the same specific purpose as the replaced silver, as required by regulations, and the proposed exchange is not of similar items as required by the act.