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Government Contracting Glossary

Terms, acronyms and definitions to help you understand federal procurement terminology.

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Past Performance

Record of contractor's performance on previous contracts.

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Performance Bond

Guarantee that contractor will complete the contract.

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POA&M

Plan of Action and Milestones tracks remediation of security control deficiencies.

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Post-Award Protest

Challenge to contract award decision filed after the government selects a winner.

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Pre-Award Protest

Challenge to solicitation terms or agency actions filed before contract award.

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Price Analysis

Evaluation of proposed prices compared to benchmarks to determine reasonableness.

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Price Reasonableness

Determination that proposed price is fair for what's being purchased.

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Primary NAICS

The main NAICS code representing a company's primary business activity.

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Progress Payment

Interim payments to contractors based on costs incurred or percentage of work completed.

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Prompt Payment

Requirement for government to pay invoices within 30 days.

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Provisional Rate

Temporary indirect cost rate used until final rates are determined.

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PSC Code

Product Service Code - 4-character code identifying products or services.

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PWS

Performance Work Statement - defines outcomes rather than specific tasks.

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