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Government Contracting Glossary
155 terms and definitions to help you understand federal procurement terminology.
LL5 terms
Labor Categories
Defined skill levels and qualifications for contract personnel.
Labor Hour
Contract paying only for labor time without materials.
Legal Business Name
The official name of a business as registered with the IRS and state authorities.
Liquidated Damages
Pre-determined daily penalty for late delivery.
LPTA(Lowest Price Technically Acceptable)
Lowest Price Technically Acceptable is an evaluation method where the lowest-priced acceptable offer wins.
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