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An Antideficiency Act violation can also occur when a contract uses funds in a period that falls outside of the time period the funds are authorized for use under what is known as the Bona Fide Needs rule (31 USC 1502), which provides: "The balance of a fixed-term appropriation is available only for payment of expenses properly incurred during ...
By 1986, it was working with local, state and federal government agencies. [2] In 1994, it introduced the first browser-based government contract catalog. [2] In 1996, it registered its URL and engaged in e-commerce. [2]
In U.S. Federal government contracting, IDIQ is an abbreviation of the term indefinite delivery/indefinite quantity. This is a type of contract that provides for an indefinite quantity of supplies or services during a fixed period of time. The legal origin of IDIQ contracts is the Federal Acquisition Regulation (FAR) section 16.504(a) (48 CFR ...
Government procurement regulations normally cover all public works, services and supply contracts entered into by a public authority.However, there may be exceptions. These most notably cover military acquisitions, which account for large parts of government expenditure, and low value procurement
The law of contracts varies from state to state; there is nationwide federal contract law in certain areas, such as contracts entered into pursuant to Federal Reclamation Law. The law governing transactions involving the sale of goods has become highly standardized nationwide through widespread adoption of the Uniform Commercial Code .
Moreover, partnering with a purchasing cooperative encourages long-term collaboration. Cooperative members often engage in multiple contracts and projects over time, fostering ongoing partnerships. This can lead to additional business opportunities, repeat contracts, and a more stable revenue stream for businesses.
In the United States, federal assistance, also known as federal aid, federal benefits, or federal funds, is defined as any federal program, project, service, or activity provided by the federal government that directly assists domestic governments, organizations, or individuals in the areas of education, health, public safety, public welfare, and public works, among others.
A related term, Mil-COTS, refers to COTS products for use by the U.S. military. In the context of the U.S. government, the Federal Acquisition Regulation (FAR) has defined "COTS" as a formal term for commercial items, including services, available in the commercial marketplace that can be bought and used under government contract. [1]