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For purposes of these services –7affan (ii) market prices mean current prices that are established in the course of ordinary trade between buyers and sellers free to bargain and that can be substantiated through competition or from sources independent of the offerors. Note the emphasis in the FAR 2.101 definition for
The memo stated that "effective immediately" the Pentagon will increase the rate at which it pays what are known as progress payments for large contractors to 90%. ... The move will speed the ...
The value of work done (VOWD) is a project management technique for measuring and estimating the project cost at a point in time. It is mainly used in project environments of the Petroleum industry and is defined as the value of goods and services progressed, regardless of whether or not they have been paid for or received.
If FAR Part 13, simplified acquisition is used, then a contracting officer can select from a range of processes including Government Purchase Card (GPC) for purchases under the micro-purchase threshold (see definition section of FAR for current value (for example, in U.S., it is currently $2,500), simplified acquisition threshold (see FAR ...
The party making the payment is commonly called the payer, while the payee is the party receiving the payment. Whilst payments are often made voluntarily, some payments are compulsory, such as payment of a fine. Payments can be effected in a number of ways, for example: the use of money, whether through cash, cheque, mobile payment or bank ...
President Donald Trump has reportedly set his sights on eliminating the U.S. Department of Education, a long-time Republican goal and promise from his campaign.The proposed plan, though, gives ...
A federal research agency that tracks the progress of America’s students is being hit with almost $900 million in cuts after Elon Musk’s Department of Government Efficiency found no need for ...
Revenues and gross profit are recognized each period based on the construction progress, in other words, the percentage of completion. Construction costs plus gross profit earned to date are accumulated in an asset account (construction in process, also called construction in progress), and progress billings are accumulated in a liability account (billing on construction in process).