(a) OMB guidance. OMB guidance in:

(1) The lead-in paragraph of 2 CFR 200.333 sets a standard retention period that is generally applicable to recipient records pertinent to grants and cooperative agreements.

(2) 2 CFR 200.333(c) and (f) provide different standard retention periods specifically for records that are related either to real property and equipment acquired with Federal funds or indirect cost rate proposals and cost allocation plans.

(b) DoD implementation. A DoD Component's general terms and conditions must specify the standard retention periods described in paragraph (a) of this section.

(c) Award terms and conditions—(1) General. A DoD Component's general terms and conditions must use the wording appendix B to this part provides for Section A of OAR Article II.

(2) Exception. A DoD Component's general terms and conditions may substitute alternative wording for paragraph A.3 of OAR Article II if the awards using those terms and conditions will be renewed quarterly or annually. The alternative wording for awards that will be renewed quarterly or annually would replace the words “final financial report” in paragraph A.3 with “quarterly financial report” or “annual financial report,” respectively.