Close the Contractor Fraud Loophole Act - Requires the Federal Acquisition Regulation to be amended within 180 days after this Act's enactment to include provisions that require timely notification by federal contractors of violations of federal criminal law or overpayments in connection with the award or performance of covered contracts or subcontracts, including those performed outside the United States and those for commercial items.
Defines the term "covered contract" to mean any contract in an amount greater than $5 million and more than 120 days' duration.
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