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Procurement is the process of locating and agreeing to terms and purchasing goods, services, or other works from an external source, ... Contract Administration. [50]
A sole-source procurement activity is where a contract is offered to known vendor(s) instead of conducting open competition, and the resulting contract is known as a sole-source contract. FAR Part 6 specifically forbids sole-source contracting when it is due to a lack of advanced planning.
Performance-based contracting (PBC) or results-based contracting, is a procurement strategy used to achieve measurable supplier performance. A PBC approach focuses on developing strategic performance metrics and directly relating contracting payment to performance against these metrics.
As an alternative to procurement contracts under the FAR, federal agencies may carry out research and development (R&D) or prototype projects by entering into a transaction (other than a contract, grant, or cooperative agreement) under their specific "other transaction" (OT) authority. [46]
Contract management or contract administration is the management of contracts made with customers, vendors, partners, or employees.Contract management includes negotiating the terms and conditions in contracts and ensuring compliance with the terms and conditions, as well as documenting and agreeing on any changes or amendments that may arise during its implementation or execution.
Contract opportunities are advertised in the Slovak Official Journal for Procurement Notices, as well as in the Official Journal of the European Union when above the threshold values, and a public register of final beneficiaries of companies that win public sector contracts is maintained. [167]