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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] |
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] |
Contract Adjustment
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 mind ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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] |
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] |
Federal Acquisition Regulations System
Federal or foederal (archaic) may refer to: Politics General *Federal monarchy, a federation of monarchies *Federation, or ''Federal state'' (federal system), a type of government characterized by both a central (federal) government and states or regional governments that are partially self-governing; a union of states *Federal republic, a federation which is a republic *Federalism, a political philosophy *Federalist, a political belief or member of a political grouping *Federalization, implementation of federalism Particular governments *Federal government of the United States **United States federal law **United States federal courts *Government of Argentina *Government of Australia *Government of Pakistan *Federal government of Brazil *Government of Canada *Government of India *Federal government of Mexico * Federal government of Nigeria *Government of Russia *Government of South Africa *Government of Philippines Other *''The Federalist Papers'', critical early arguments in fa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Federal Acquisition Regulation
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] |
Contract Disputes Act
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 contra ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Federal Courts Improvement Act
The Federal Courts Improvement Act, 96 Stat. 25., was a law enacted by the United States on April 2, 1982 which established the United States Court of Appeals for the Federal Circuit and the United States Claims Court (later changed to the United States Court of Federal Claims). The statute was intended to promote greater uniformity in certain areas of federal jurisdiction and relieve the pressure on the dockets of the Supreme Court and the courts of appeals for the regional circuits.History of the Federal Judiciary, Landmark Judicial Legislation History In 1971, a committee appointed by Chief Justice proposed the creation of ...[...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Competition In Contracting Act
The Competition in Contracting Act (CICA) of 1984, 41 U.S.C. 253, is United States legislation governing the hiring of contractors. It requires U.S. federal government agencies to arrange “full and open competition through the use of competitive procedures” in their procurement activities unless otherwise authorized by law. CICA was passed into law as a foundation for the Federal Acquisition Regulation (FAR) and to foster competition and reduce costs. The theory was that more competition for procurements would reduce costs and allow more small businesses to win Federal Government contracts. Under CICA all procurements must be competed as full and open (there are some exceptions found in FAR Part 6) so that any qualified company can submit an offer. The bidding procedure should take the form of sealed bidding, previously known as "formal advertising", solicited prior to 2001 through ''Commerce Business Daily''. History A version of the CICA was introduced in 1982 by Senators Wi ... [...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 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] |
