What is a far agreement?
The Federal Acquisition Regulation (FAR) is the primary regulation for use by all executive agencies in their acquisition of supplies and services with appropriated funds. The FAR also contains standard solicitation provisions and contract clauses and the various agency FAR supplements.
What is the federal Government far?
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, 48 CFR 1.
What is a multiyear contract?
A multiyear contract is a commitment by the Government to purchase services or supplies from a contractor for a period extending beyond the fiscal year in which the contract is made.
How many years is a multi-year contract?
Definition: A multi-year contract means a contract for the purchase of supplies or services for more than 1, but not more than 5, program years. Such contracts are issued under specific congressional authority for specific programs.
Is an IDIQ a multiyear contract?
Note: IDIQ contracts are not considered multi-year contracts and therefore are not governed by 41 U.S.C. 254c and the implementing regulations in FAR Subpart 17.1.
Is it multi-year or multiyear?
Meaning of multiyear in English. lasting for or including a period of several years: We’re at an early stage in a multiyear process.
What is the difference between a multi-year contract and a multiple year contract?
The key distinguishing difference between multi-year contracts and multiple year contracts is that multi-year contracts, defined in the statutes cited at 17.101, buy more than 1 year’s requirement (of a product or service) without establishing and having to exercise an option for each program year after the first.
What is multi-year extension?
Multi-year contract means a contract that is for a term that is longer than one fiscal year or contains a renewal or extension provision that, with the renewal or extension, would cause the contract to be in force for more than one fiscal year.