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Changes Clause
A changes clause, in government contracting, is a required clause in United States government construction contracts. Background Cardinal Changes (Significant Changes) clauses are the source of a significant number of disputes arising from government contracts. The clause, which has appeared in nearly every U.S. government contract for over 100 years, gives the government the power unilaterally to order contractual modifications. If the parties are unable to agree on compensation to be received by the contractor for the modified work, the contractor shall be entitled to an equitable adjustment. The goal of an equitable adjustment is to place the contractor in the position they would have been in had the change not been encountered. The adjustment should not alter the contractor's profit or loss position from what it was before the change occurred. The Changes clause was first used in defense contracts where it was taken to be essential in time of war for the government to include n ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Government Contracting
Government procurement or public procurement is the procurement of goods, services and works on behalf of a public authority, such as a government agency. Amounting to 12 percent of global GDP in 2018, government procurement accounts for a substantial part of the global economy. To prevent fraud, waste, corruption, or local protectionism, the laws of most countries regulate government procurement to some extent. Laws usually require the procuring authority to issue public tenders if the value of the procurement exceeds a certain threshold. Government procurement is also the subject of the Agreement on Government Procurement (GPA), a plurilateral international treaty under the auspices of the WTO. Overview Need for government procurement Government procurement is necessary because governments cannot produce all the inputs for the goods they provide themselves. Governments usually provide public goods, e.g. national defense or public infrastructure. Public goods are non- ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Equitable Adjustment
An equitable adjustment, in government contracting, is a contract adjustment pursuant to a changes clause, to compensate the contractor expense incurred due to actions of the Government or to compensate the Government for contract reductions. An equitable adjustment includes an allowance for profit; clauses that provide for adjustments, excluding profit, are not considered "equitable adjustments." Variations *A "price adjustment" is a change to the established price of the contract arrived at by mutual agreement between the Government and contractor. *An "adjustment in estimated quantities" is a contract adjustment pursuant to the contract clause on variation in estimated quantities. *A "bilateral modification" is a supplemental agreement on which the Contracting Officer and the contractor have agreed to a price and/or time adjustment. Contrast a "unilateral modification," a modification on which the Contracting Officer and the contractor cannot agree to a price and/or time adjus ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Federal Acquisition Regulations
The Federal Acquisition Regulation (FAR) is the principal set of rules regarding Government procurement in the United States,. and is codified at Chapter 1 of Title 48 of the Code of Federal Regulations, . It covers many of the contracts issued by the US military and NASA, as well as US civilian federal agencies. The largest single part of the FAR is Part 52, which contains standard solicitation provisions and contract clauses. Solicitation provisions are certification requirements, notices, and instructions directed at firms that might be interested in competing for a specific contract. These provisions and clauses are of six types: (i) required solicitation provisions; (ii) required-when-applicable solicitation provisions; (iii) optional solicitation provisions; (iv) required contract clauses; (v) required-when-applicable contract clauses; and (vi) optional contract clauses." If the FAR requires that a clause be included in a government contract, but that clause is omitted, case ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sureties
In finance, a surety , surety bond or guaranty involves a promise by one party to assume responsibility for the debt obligation of a borrower if that borrower defaults. Usually, a surety bond or surety is a promise by a surety or guarantor to pay one party (the ''obligee'') a certain amount if a second party (the ''principal'') fails to meet some obligation, such as fulfilling the terms of a contract. The surety bond protects the obligee against losses resulting from the principal's failure to meet the obligation. The person or company providing the promise is also known as a "surety" or as a "guarantor". Overview A surety bond is defined as a contract among at least three parties: * the ''obligee'': the party who is the recipient of an obligation * the ''principal'': the primary party who will perform the contractual obligation * the ''surety'': who assures the obligee that the principal can perform the task European surety bonds can be issued by banks and surety companies. I ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Procurement
Procurement is the method of discovering and agreeing to terms and purchasing goods, Service (economics), services, or other works from an external source, often with the use of a tendering or competitive bidding process. When a government agency buys goods or services through this practice, it is referred to as Government procurement, public procurement. Procurement as an organization, organizational process is intended to ensure that the buyer receives goods, services, or works at the best possible price when aspects such as quality, quantity, time, and location are compared. Corporations and public bodies often define processes intended to promote fair and open competition for their business while minimizing risks such as exposure to fraud and collusion. Almost all purchasing decisions include factors such as delivery and handling, marginal benefit, and fluctuations in the prices of goods. Organisations which have adopted a corporate social responsibility perspective are also ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Contract Disputes Act Of 1978
The Contract Disputes Act of 1978 ("CDA", , ), which became effective on March 1, 1979, establishes the procedures for handling "claims" relating to United States Federal Government contracts. It is codified, as amended, at . Claims by contractors against the Federal Government must be submitted in writing to the Government's Contracting Officer for a decision. Claims by the Federal Government against a contractor must be the subject of a decision by the Contracting Officer. Apart from claims by the Federal Government alleging fraud in connection with a claim by the contractor, all claims by either the Federal Government or the contractor must be submitted within six years after the accrual of the claim. Claims by contractors for more than $100,000 must be accompanied by a certification that (i) the claim is made in good faith, (ii) the supporting data are accurate and complete to the best of the contractor's knowledge and belief, (iii) the amount requested represents the contract ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Court Of Federal Claims Technical And Procedural Improvements Act
A court is any person or institution, often as a government institution, with the authority to adjudicate legal disputes between parties and carry out the administration of justice in civil, criminal, and administrative matters in accordance with the rule of law. In both common law and civil law legal systems, courts are the central means for dispute resolution, and it is generally understood that all people have an ability to bring their claims before a court. Similarly, the rights of those accused of a crime include the right to present a defense before a court. The system of courts that interprets and applies the law is collectively known as the judiciary. The place where a court sits is known as a venue. The room where court proceedings occur is known as a courtroom, and the building as a courthouse; court facilities range from simple and very small facilities in rural communities to large complex facilities in urban communities. The practical authority given to the co ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Contract Law
A contract is a legally enforceable agreement between two or more parties that creates, defines, and governs mutual rights and obligations between them. A contract typically involves the transfer of goods, services, money, or a promise to transfer any of those at a future date. In the event of a breach of contract, the injured party may seek judicial remedies such as damages or rescission. Contract law, the field of the law of obligations concerned with contracts, is based on the principle that agreements must be honoured. Contract law, like other areas of private law, varies between jurisdictions. The various systems of contract law can broadly be split between common law jurisdictions, civil law jurisdictions, and mixed law jurisdictions which combine elements of both common and civil law. Common law jurisdictions typically require contracts to include consideration in order to be valid, whereas civil and most mixed law jurisdictions solely require a meeting of the min ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
