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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 ...
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 ...
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.
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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]
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 .
Other forms of contracts between public and private entities, namely lease contract and management contract (in the water sector often called by the French term affermage), are closely related but differ from a concession in the rights of the operator and its remuneration. A lease gives a company the right to operate and maintain a public ...