Government Contracting Glossary
155 terms and definitions to help you understand federal procurement terminology.
PP17 terms
Past Performance
Record of contractor's performance on previous contracts.
Payment Bond
Guarantee that contractor will pay subcontractors and suppliers.
Performance Bond
Guarantee that contractor will complete the contract.
Period of Performance
Time frame during which contract work must be completed.
Physical Address Validation
Verification that a contractor's business address is valid and matches official records.
Official sourcePOA&M(Plan of Action and Milestones)
Plan of Action and Milestones tracks remediation of security control deficiencies.
Official sourcePost-Award Protest
Challenge to contract award decision filed after the government selects a winner.
Official sourcePPQ(Past Performance Questionnaire)
Past Performance Questionnaire sent to references.
Pre-Award Protest
Challenge to solicitation terms or agency actions filed before contract award.
Official sourcePrice Analysis
Evaluation of proposed prices compared to benchmarks to determine reasonableness.
Official sourcePrice Reasonableness
Determination that proposed price is fair for what's being purchased.
Primary NAICS
The main NAICS code representing a company's primary business activity.
Progress Payment
Interim payments to contractors based on costs incurred or percentage of work completed.
Official sourcePrompt Payment
Requirement for government to pay invoices within 30 days.
Official sourceProvisional Rate
Temporary indirect cost rate used until final rates are determined.
PSC Code(Product Service Code)
Product Service Code - 4-character code identifying products or services.
PWS(Performance Work Statement)
Performance Work Statement - defines outcomes rather than specific tasks.
