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Private parties entering into a contract with one another (i.e., commercial contracts) have more freedom to establish a broad range of contract terms by mutual consent compared to a private party entering into a contract with the Federal Government. Each private party represents its own interests and can obligate itself in any lawful manner.
The US Truth in Negotiations Act 1962 ("TINA") requires that contractors submitting bids should supply certified cost or pricing data before an agreement on price for most negotiated procurements for government contracts worth more than $750,000 for prime contracts awarded before July 1, 2018, and $2 million for prime contracts awarded on or ...
The letter said GSA had identified contracts, enclosed in a spreadsheet, that appeared to be nonessential and asked the agency if it planned to terminate them, and if not, to provide a sentence ...
A ratifying official may ratify only when: (1) The Government has received the goods or services; (2) The ratifying official has authority to obligate the United States, and had that authority at the time of the unauthorized commitment; (3) The resulting contract would otherwise be proper, i.e., adequate funds are available, the contract is not ...
The Government of Jamaica Procurement Guidelines apply to government procurement in Jamaica, [204] and the Public Sector Procurement Policy of November 2010 reflects "the government's ... strategy to further reform the public procurement system that is aligned to international best practices and promote fair competition for government contracts".
Because the FAR is the law, and government contractors are presumed to be familiar with the FAR, a mandatory clause that expresses a significant or deeply ingrained strand of public procurement policy will be incorporated into a Government contract by operation of law, even if the parties intentionally omitted it.
Rational pricing is the assumption in financial economics that asset prices – and hence asset pricing models – will reflect the arbitrage-free price of the asset as any deviation from this price will be "arbitraged away". This assumption is useful in pricing fixed income securities, particularly bonds, and is fundamental to the pricing of ...
The consumer, however, may violate this logical assumption and purchase product C regardless of the availability of the preferred others when there is no way to rationalize the purchase of A or B instead of C. [9] As rationalization is associated with the decision making the process more so than the decision itself, the explanation for this ...