![]() The body of regulations which is the primary source of authority governing the government procurement process. "Fair and reasonable" price is subject to statutory and regulatory limitations. Under the accounting equation, equity also represents the result of assets less liabilities.Ī price that is fair to both parties, considering the agreed-upon conditions, promised quality, and timeliness of contract performance. Transmission of information between computers using highly standardized electronic versions of common business documents.Ī small business concern whose size is no greater than 50 percent of the numerical size standard applicable to the Standard Industrial Classification code assigned to a contracting opportunity.Īn accounting term used to describe the net investment of owners or stockholders in a business. It does not include grants or cooperative agreements.Ī person with the authority to enter into, administer, and/or terminate contracts and make related determinations and findings.Īn arrangement in which (a) two or more companies form a partnership or joint venture to act as potential prime contractor or (b) an agreement by a potential prime contractor with one or more other companies to have them act as its subcontractors under a specified government contract or acquisition program.ĭefense Acquisition Regulatory Council (DARC)Ī group composed of representatives from each Military department, the Defense Logistics Agency, and the National Aeronautics and Space Administration and that is in charge of the Federal Acquisition Regulation (FAR) on a joint basis with the Civilian Agency Acquisition Council (CAAC).Īny person who enters into a contract with the United States for the production of material or for the performance of services for the national defense. Contracting includes the description of supplies and services required, the selection and solicitation of sources, the preparation and award of contracts, and all phases of contract administration. ![]() ![]() Purchasing, renting, leasing, or otherwise obtaining supplies or services from nonfederal sources. Control may include shared management or ownership common use of facilities, equipment, and employees or family interest.įor negotiated procurements, a contractor's final offer following the conclusion of discussions.Ī certificate issued by the Small Business Administration (SBA) stating that the holder is "responsible" (in terms of capability, competency, capacity, credit, integrity, perseverance, and tenacity) for the purpose of receiving and performing a specific government contract.Ī firm owned and operated by socially and economically disadvantaged individuals and eligible to receive federal contracts under the Small Business Administration’s 8(a) Business Development Program.Ī mutually binding legal relationship obligating the seller to furnish supplies or services (including construction) and the buyer to pay for them. The acquiring of supplies or services by the federal government with appropriated funds through purchase or lease.īusiness concerns, organizations, or individuals that control each other or that are controlled by a third party.
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