Terms · O
ODCs
Other Direct Costs - direct costs that aren't labor or materials.
Government Contracting Glossary
Terms, acronyms and definitions to help you understand federal procurement terminology.
135 results
Terms · O
Option Year
Additional contract period the government may exercise at their discretion.
Terms · O
Overhead
Indirect costs related to production or service delivery.
Terms · P
Past Performance
Record of contractor's performance on previous contracts.
Terms · P
Performance Bond
Guarantee that contractor will complete the contract.
Terms · P
Period of Performance
Time frame during which contract work must be completed.
Terms · P
Physical Address Validation
Verification that a contractor's business address is valid and matches official records.
Terms · P
POA&M
Plan of Action and Milestones tracks remediation of security control deficiencies.
Terms · P
Post-Award Protest
Challenge to contract award decision filed after the government selects a winner.
Terms · P
Pre-Award Protest
Challenge to solicitation terms or agency actions filed before contract award.
Terms · P
Price Analysis
Evaluation of proposed prices compared to benchmarks to determine reasonableness.
Terms · P
Price Reasonableness
Determination that proposed price is fair for what's being purchased.
Terms · P
Primary NAICS
The main NAICS code representing a company's primary business activity.
Terms · P
Progress Payment
Interim payments to contractors based on costs incurred or percentage of work completed.
Terms · P
Prompt Payment
Requirement for government to pay invoices within 30 days.
Terms · P
Provisional Rate
Temporary indirect cost rate used until final rates are determined.
Terms · P
PSC Code
Product Service Code - 4-character code identifying products or services.
Terms · P
PWS
Performance Work Statement - defines outcomes rather than specific tasks.
Terms · R
Recertification
Process of re-verifying small business status.
Terms · R
Registration Renewal
Annual update required to maintain active SAM.gov status.
See how to find and track federal contracts
Get a walkthrough of contract search, saved opportunities and the bid tools included in each plan.