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FAR Part 14 details the requirements for conducting a "sealed bid" tender, where federal requirements can be stated "clearly, accurately, and completely" and price is the only determinant of contract awardee. [25] Under this part, Unnecessarily restrictive specifications or requirements that might unduly limit the number of bidders are prohibited.
Outside of a specified exception, acquisitions having a cost above the simplified acquisition threshold or the special authority under FAR Subpart 13.5 must be performed using the process specified under FAR Part 14, Sealed Bidding, or FAR Part 15, Contracting by Negotiation. Workload of the Government contracting office and requiring activity.
The law was passed as part of the Deficit Reduction Act of 1984, P.L. 98-369, §§ 2701–2753, 98 Stat. 1175 (1984), and its competition requirements took effect on April 1, 1984. [1] The law defines a role for GAO to adjudicate "bid protests", which are claims that the government awarded a contract improperly. [4]
Cost Accounting Standards (popularly known as CAS) are a set of 19 standards and rules promulgated by the United States Government for use in determining costs on negotiated procurements. CAS differs from the Federal Acquisition Regulation (FAR) in that FAR applies to substantially all contractors, whereas CAS applied primarily to the larger ones.
A reverse auction is similar to a unique bid auction because the basic principle remains the same; however, a unique bid auction follows the traditional auction format more closely as each bid is kept confidential and one clear winner is defined after the auction finishes.
From January 2008 to October 2009, if you bought shares in companies when Deborah J. Lucas joined the board, and sold them when she left, you would have a -26.2 percent return on your investment, compared to a -28.0 percent return from the S&P 500.
Qualifications-Based Selection (QBS) is a procurement process established by the United States Congress as a part of the Brooks Act [1] and further developed as a process for public agencies to use for the selection of architectural and engineering services for public construction projects. It is a competitive contract procurement process ...
A first-price sealed-bid auction (FPSBA) is a common type of auction. It is also known as blind auction. [1] In this type of auction, all bidders simultaneously submit sealed bids so that no bidder knows the bid of any other participant. The highest bidder pays the price that was submitted. [2]: p2 [3]