The basic elements required for the agreement to be a legally enforceable contract are: mutual assent, expressed by a valid offer and acceptance; adequate consideration; capacity; and legality.. Single, Governmentwide point of entry, means the one point of entry to be designated by the Administrator of OFPP that will allow the private sector to electronically access procurement opportunities Governmentwide. Commercial computer software means any computer software that is a commercial item. Bigger companies tend to get bigger ACVs. United States, when used in a geographic sense, means the 50 States and the District of Columbia, except as follows: (1) For use in subpart 3.10, see the definition at 3.1001. In determining whether dominance exists, consideration must be given to all appropriate factors, including volume of business, number of employees, financial resources, competitive status or position, ownership or control of materials, processes, patents, license agreements, facilities, sales territory, and nature of business activity. Drug-free workplace means the site(s) for the performance of work done by the contractor in connection with a specific contract where employees of the contractor are prohibited from engaging in the unlawful manufacture, distribution, dispensing, possession, or use of a controlled substance. Assignment of claims means the transfer or making over by the contractor to a bank, trust company, or other financing institution, as security for a loan to the contractor, of its right to be paid by the Government for contract performance. (3) This definition does not apply to a contract that will be awarded and performed entirely outside of the United States. 2292 et seq. Annual Contract Value: What Is It & How To Calculate ACV Affiliates means associated business concerns or individuals if, directly or indirectly either one controls or can control the other; or third party controls or can control both, except as follows: (1) For use in subpart 9.4 , see the definition at 9.403. (iv) Commission, appoint, direct, or control officers or employees of the United States; or Full and open competition, when used with respect to a contract action, means that all responsible sources are permitted to compete. (3) Protects natural resources by conservation. Found inside Page 1083 Effect of definition of " commodity " on jurisdiction of , 7 & 2 Jurisdiction of antifraud proceeding by State 7 $ 6a Vacation of designation as contract market , 7 f 11 Value , defined , embezzlement , etc. , by futures First article testing means testing and evaluating the first article for conformance with specified contract requirements before or in the initial stage of production. (b) If a word or term that is defined in this section is defined differently in another part, subpart, or section of this regulation (48 CFR chapter 1), the definition in Quality of contracts. Global warming potential means how much a given mass of a chemical contributes to global warming over a given time period compared to the same mass of carbon dioxide. Component means any item supplied to the Government as part of an end item or of another component, except that for use in. Conviction means a judgment or conviction of a criminal offense by any court of competent jurisdiction, whether entered upon a verdict or a plea, and includes a conviction entered upon a plea of nolo contendere. These rates represent reasonable projections of specific costs that are not easily estimated for, identified with, or generated by a specific contract, contract end item, or task. Line item means the basic structural element in a procurement instrument that describes and organizes the required product or service for pricing, delivery, inspection, acceptance, invoicing, and payment. (8) Rankings of bids, proposals, or competitors. Qualifying offeror, as used in 13.106-1 and 15.304, means an offeror that is determined to be a responsible source, submits a technically acceptable proposal that conforms to the requirements of the solicitation, and the contracting officer has no reason to believe would be likely to offer other than fair and reasonable pricing (10 U.S.C. Excess personal property means any personal property under the control of a Federal agency that the agency head determines is not required for its needs or for the discharge of its responsibilities. 3544(a)(1)(A)). Unsolicited proposal means a written proposal for a new or innovative idea that is submitted to an agency on the initiative of the offeror for the purpose of obtaining a contract with the Government, and that is not in response to a request for proposals, Broad Agency Announcement, Small Business Innovation Research topic, Small Business Technology Transfer Research topic, Program Research and Development Announcement, or any other Government-initiated solicitation or program. It automatically qualifies as a women-owned small business (WOSB) concern eligible under the WOSB Program. The qualities and operating characteristics of an earned value management system are described in Electronic Industries Alliance Standard 748 (EIA-748), Earned Value Management Systems. It usually is measured by the net proceeds from the sale or other disposition of the asset, or its fair value if the asset is traded in on another asset. (1) Perform services for the design, acquisition, financing, installation, testing, operation, and where appropriate, maintenance and repair, of an identified energy conservation measure or series of measures at one or more locations; (2) Incur the costs of implementing the energy savings measures, including at least the cost (if any) incurred in making energy audits, acquiring and installing equipment, and training personnel in exchange for a predetermined share of the value of the energy savings directly resulting from implementation of such measures during the term of the contract; and. 1535); and. (3) The FFRDC has access to Government and supplier data, employees, and facilities beyond that common in a normal contractual relationship. Certified cost or pricing data means "cost or pricing data" that were required to be submitted in accordance with FAR 15.403-4 and 15.403-5 and have been certified, or is required to be certified, in accordance with 15.406-2. Self-insurance includes the deductible portion of purchased insurance. Neutral person means an impartial third party, who serves as a mediator, fact finder, or arbitrator, or otherwise functions to assist the parties to resolve the issues in controversy. (vii) Navassa Island. The pre-specified amount for valued contracts is typically the full value of the policy. chapter 35) means all facts that, as of the date of price agreement, or, if applicable, an earlier date agreed upon between the parties that is as close as practicable to the date of agreement on price, prudent buyers and sellers would reasonably expect to affect price negotiations significantly. (ii) Whose management and daily business operations are controlled by one or more women; or TCV definition. Information technology means any equipment, or interconnected system(s) or subsystem(s) of equipment, that is used in the automatic acquisition, storage, analysis, evaluation, manipulation, management, movement, control, display, switching, interchange, transmission, or reception of data or information by the agency. The SNAP list of alternatives is found at 40 CFR part 82 subpart G with supplemental tables of alternatives available at http://www.epa.gov/snap/). Contract administration office means an office that performs- (1) Assigned postaward functions related to the administration of contracts; and Total Contract Value - Zuora Value engineering change proposal (VECP)- (1) Means a proposal that Ive sold annuities and insurance for more than a decade. Option means a unilateral right in a contract by which, for a specified time, the Government may elect to purchase additional supplies or services called for by the contract, or may elect to extend the term of the contract. Definition of Contract Law. For example, if a department or agency leased the 10th floor of a commercial building, the Directive applies to the 10th floor only; (iii) U.S. Virgin Islands; and Water consumption intensity means water consumption per square foot of building space. This book brings you the impacts from an exotic mix of industries as varied as aerospace and defense, engineering, media and entertainment, airlines, pharmaceuticals, health care, early-stage life sciences, software, construction and real (2) Designated operational area means a geographic area designated by the combatant commander or subordinate joint force commander for the conduct or support of specified military operations. It involves the transfer of risk in exchange for a premium payment. Contract Value means the bare value of the goods ex-works price without taking into account taxes, duties or any other incidental charges where the price is ex-works, but where the prices given in the PO are on FOR destination basis inclusive or exclusive of GST etc., the Contract value would mean FOR destination prices, given in the PO inclusive of GST, other Computer software chapter 31, subchapter IV, Wage Rate Requirements (Construction), $2,000; Federal Register - Volume 77, Issue 118 - Page 36722 Annual contract value (ACV) is an average annual contract value of your account subscription agreements. Neither the financial institution nor the offeror/contractor can revoke or condition the letter of credit. Make-or-buy program means that part of a contractors written plan for a contract identifying those major items to be produced or work efforts to be performed in the prime contractors facilities and those to be subcontracted. Definition of "small Business" Within Meaning of Small - Page 123 Commercial item means (1) Any item, other than real property, that is of a type customarily used by the general public or by non-governmental entities for purposes other than governmental purposes, and- chapter31, subchapter IV, Wage Rate Requirements (Construction), and its related statutes and implementing regulations; (2) Under a delegation of procurement authority issued by the General Services Administration (GSA) prior to August 7,1996, under authority granted GSA by former section 40U.S.C. Contract modification means any written change in the terms of a contract (see 43.103). Dollar values and percentages may be used as guideposts, but are not conclusive evidence that a modification is minor; Earned value management system means a project management tool that effectively integrates the project scope of work with cost, schedule and performance elements for optimum project planning and control. (2) For use in the clauses at- (iii) Jarvis Island. (2) Federally-controlled commercial space shared with non-government tenants. Hydrofluorocarbons means compounds that contain only hydrogen, fluorine, and carbon. HUBZone means a historically underutilized business zone that is an area located within one or more qualified census tracts, qualified nonmetropolitan counties, lands within the external boundaries of an Indian reservation, qualified base closure areas, or redesignated areas, as defined in 13 CFR 126.103. Preaward survey means an evaluation of a prospective contractors capability to perform a proposed contract. In determining whether affiliation exists, consideration is given to all appropriate factors including common ownership, common management, and contractual relationships. (ii) Is in the upper 25 percent of efficiency for all similar products as designated by the Department of Energys Federal Energy Management Program. Servicing agency means the agency that will conduct an assisted acquisition on behalf of the requesting agency. Bundling (1) Means a subset of consolidation that combines two or more requirements for supplies or services, previously provided or performed under separate smaller contracts (see paragraph (2) of this definition), into a solicitation for a single contract, a multiple-award contract, or a task or delivery order that is likely to be unsuitable for award to a small business concern (even if it is suitable for award to a small business with a Small Business Teaming Arrangement) due to The surrender value is your accumulation value minus surrender charges and applicable fees. (ii) $1.5 million for any contract to be awarded and performed, or purchase to be made, outside the United States; and (2) Cruisers; (3) "Women-owned small business (WOSB)" concern eligible under the WOSB Program means a small business concern that is at least 51 percent directly and unconditionally owned by, and the management and daily business operations of which are controlled by, one or more women who are citizens of the United States (13 CFR part 127). Micro-purchase means an acquisition of supplies or services using simplified acquisition procedures, the aggregate amount of which does not exceed the micro-purchase threshold. For purposes of compliance with 31 U.S.C.3332 and implementing regulations at 31 CFR part 208, the term "electronic funds transfer" includes a Governmentwide commercial purchase card transaction. Business unit means any segment of an organization, or an entire business organization that is not divided into segments. Office of Small and Disadvantaged Business Utilization means the Office of Small Business Programs when referring to the Department of Defense. By: Claire Boyte-White HUBZone means a historically underutilized business zone that is an area located within one or more qualified census tracts, qualified nonmetropolitan counties, lands within the external boundaries of an Indian reservation, qualified base closure areas, or redesignated areas, as defined in 13 CFR 126.103. Unless agency regulations specify otherwise, the term "procuring activity" is synonymous with "contracting activity." (i) Two or more requirements of the Federal agency for supplies or services that have been provided to or performed for the Federal agency under two or more separate contracts, each of which was lower in cost than the total cost of the contract for which offers are solicited; or They also include, but are not limited to, such factors as-. Depreciation means a charge to current operations that distributes the cost of a tangible capital asset, less estimated residual value, over the estimated useful life of the asset in a systematic and logical manner. (3) Provides for the incorporation of these definitions in solicitations and contracts by reference. 1.1. (2) Shall denotes the imperative. (2) Reduces or eliminates the creation of pollutants through increased efficiency in the use of raw materials, energy, water, or other resources; or (2) A civilian agency is responsible for the system and total expenditures for the system are estimated to exceed $2.5 million or the dollar threshold for a "major system" established by the agency pursuant to Office of Management and Budget Circular A-109, entitled "Major System Acquisitions," whichever is greater; or (3) Awards to HUBZone small business concerns through full and open competition after a price evaluation preference in favor of HUBZone small business concerns. Chief Acquisition Officer means an executive level acquisition official responsible for agency performance of acquisition activities and acquisition programs created pursuant to 41 U.S.C. Purchase order, when issued by the Government, means an offer by the Government to buy supplies or services, including construction and research and development, upon specified terms and conditions, using simplified acquisition procedures. It adds wording to, deletes wording from, or substitutes specified wording for a portion of the basic provision or clause. In determining whether dominance exists, consideration must be given to all appropriate factors, including volume of business, number of employees, financial resources, competitive status or position, ownership or control of materials, processes, patents, license agreements, facilities, sales territory, and nature of business activity. Bid sample means a product sample required to be submitted by an offeror to show characteristics of the offered products that cannot adequately be described by specifications, purchase descriptions, or the solicitation (e.g., balance, facility of use, or pattern). (i) Computer programs that comprise a series of instructions, rules, routines, or statements, regardless of the media in which recorded, that allow or cause a computer to perform a specific operation or series of operations; and Annual contract value, or ACV, is a measure of the value of a customer that includes both recurring revenue and one-time fees normalized to a yearly revenue figure. Writing or written (see "in writing"). 8259b). Special test equipment means either single or multipurpose integrated test units engineered, designed, fabricated, or modified to accomplish special purpose testing in performing a contract. Global warming potential means how much a given mass of a chemical contributes to global warming over a given time period compared to the same mass of carbon dioxide. Unique and innovative concept, when used relative to an unsolicited research proposal, means that- (1) In the opinion and to the knowledge of the Government evaluator, the meritorious proposal- (ii) Minor modifications of a type not customarily available in the commercial marketplace made to meet Federal Government requirements. Commercial item means (1) Any item, other than real property, that is of a type customarily used by the general public or by non-governmental entities for purposes other than governmental purposes, and- Contingency operation (10 U.S.C.101(a)(13)) means a military operation that-, (1) Is designated by the Secretary of Defense as an operation in which members of the armed forces are or may become involved in military actions, operations, or hostilities against an enemy of the United States or against an opposing military force; or. Access expert content, industry term definitions and answers to your questions from knowledgeable insurance insiders. chapter65, Contracts for Material, Supplies, Articles, and Equipment Exceeding $10,000; (5) 41U.S.C. As a result, youre protected from market loss. (3) 52.225-9 and 52.225-11, see the definition in 52.225-9(a) and 52.225-11(a); and "Administrative contracting officer (ACO)" refers to a contracting officer who is administering contracts. Responsible audit agency means the agency that is responsible for performing all required contract audit services at a business unit. For use in subpart 23.5, see the definition at 23.503. For example, HVAC (heating, ventilation, and air conditioning) equipment, such as thermostats or temperature control devices, and medical equipment where information technology is integral to its operation, are not information technology. Component means any item supplied to the Government as part of an end item or of another component, except that for use in (1) part 25, see the definition in 25.003; (ii) $1.5 million for any contract to be awarded and performed, or purchase to be made, outside the United States; and (4) For acquisitions of supplies or services from institutions of higher education (20 U.S.C. (i) The diversity, size, or specialized nature of the elements of the performance specified; (ii) The aggregate dollar value of the anticipated award; (iii) The geographical dispersion of the contract performance sites; or. It includes developing the overall strategy for managing the acquisition. (1) For acquisitions of construction subject to 40 U.S.C. (i) 52.248-2, see the definition at 52.248-2(b); and Supplies means all property except land or interest in land. (ii) Recorded information comprising source code listings, design details, algorithms, processes, flow charts, formulas, and related material that would enable the computer program to be produced, created, or compiled. (ii) 52.248-3, see the definition at 52.248-3(b). (ii) Contains imbedded information technology that is used as an integral part of the product, but the principal function of which is not the acquisition, storage, analysis, evaluation, manipulation, management, movement, control, display, switching, interchange, transmission, or reception of data or information. (2) "Separate smaller contract" as used in this definition, means a contract that has been performed by one or more small business concerns or that was suitable for award to one or more small business concerns. Products has the same meaning as "supplies." Statement of Objectives (SOO) means a Government-prepared document incorporated into the solicitation that states the overall performance objectives. Information technology means any equipment, or interconnected system(s) or subsystem(s) of equipment, that is used in the automatic acquisition, storage, analysis, evaluation, manipulation, management, movement, control, display, switching, interchange, transmission, or reception of data or information by the agency. A valued contract is an insurance policy in which the insurer is obligated to pay a pre-specified amount to the insured in the event of a loss, regardless of the actual value of the loss.
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