HomeGlossary
Government Contracting Glossary
155 terms and definitions to help you understand federal procurement terminology.
BB8 terms
Banking Verification
Validation of bank account information for electronic payment of contract invoices.
Official sourceBase Year
Initial mandatory period of a contract before option years.
Best Value
Procurement approach selecting the offer providing greatest overall benefit considering price and non-price factors.
Official sourceBid Bond
Guarantee that winning bidder will accept the contract.
BOA(Basic Ordering Agreement)
Basic Ordering Agreement - terms and conditions for future orders.
BPA(Blanket Purchase Agreement)
Blanket Purchase Agreement - simplified ordering arrangement for recurring needs.
Official sourceBurden Rate
Multiplier applied to direct labor costs to cover indirect expenses and profit.
Official sourceBuy American Act
Law requiring federal agencies to prefer domestic end products and construction materials in procurement.
Official source
