FAR Basics
What does FAR Part 2 primarily define?
Words and terms frequently used in the FAR.
What does a “Claim” mean in FAR Part 2?
A written demand for payment or contract interpretation.
What does a “Broad Agency Announcement” relate to?
Research and development contracts.
What is “Full and Open Competition”?
All responsible sources are permitted to compete.
What is the general simplified acquisition threshold?
$250,000
When does "Acquisition" begin?
When agency needs are established.
“Shall” or “Must” means what?
Imperative.
What is “Certified cost or pricing data”?
Data certified per FAR 15.406-2.
What is a “Delivery order” used for?
Supplies
What’s the threshold for simplified acquisitions supporting contingency operations inside the U.S.?
$800,000
What are the two exceptions to uniform definitions across FAR?
Context requires a different meaning, or another FAR part provides a different definition.
What is a “Proper invoice”?
Meets minimum standards in FAR 32.905(b).
Define “Registered in the SAM database.”
Contractor has completed and validated all required fields, and the record is marked Active.
What is a “Task order” used for?
Services
What’s the threshold for contingency operations outside the U.S.?
$1.5 million
What does "Best Value" imply in acquisition?
Expected outcome providing the greatest overall benefit.
What does “Statement of Objectives (SOO)” allow offerors to do?
Propose an innovative approach.
What’s the definition of “Invoice”?
Contractor’s bill or request for payment under contract.
What is the difference between an “Invoice” and a “Proper Invoice”?
A proper invoice meets the standards in 32.905(b)).
What’s the threshold for humanitarian/peacekeeping ops outside the U.S.?
$500,000
What does “May” denote in FAR language?
Permissive.
What does “Performance Work Statement (PWS)” describe?
Required results in measurable terms.
What does “Should” mean in FAR terminology?
An expected course of action unless inappropriate for the circumstance.
What FAR clause addresses equal employment opportunities for veterans?
FAR 52.222-35
At what threshold must contractors comply with veteran employment requirements?
$150,000