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How many years is a multi-year contract?
Definition: A multi-year contract means a contract for the purchase of supplies or services for more than 1, but not more than 5, program years. Such contracts are issued under specific congressional authority for specific programs.
How long is a multi-year contract?
In simple terms, a multi-year contract is a contract for a product or service that lasts for more than twelve months. Multi-year contracts might make provisions that continued performance of the contract into the second and any subsequent years of that contract will be contingent on the appropriation of funds.
What are the three contracting methods in the far?
The primary contracting methods used by the government are: micro-purchases. Simplified acquisition procedures. Sealed bidding. Contract by negotiations. And, consolidated purchasing programs, such as the use of GSA schedules, Government Wide Acquisition Contracts and other multiple award vehicles.
When can a contract option may be exercised?
The option may be exercised only if funds become available within the 60-day period. In the event that sufficient funding is not available within the 60-day period, the Government waives the right to exercise the option, thereby rendering any additional requirements subject to full and open competition requirements.
What is an option year on a government contract?
Option years are a common feature of service contracts with the federal government. Many such contracts provide for a base period of performance and then allow the Government to exercise one or more options to extend the contract term.
What are the six methods of contracting?
The primary contracting methods used by the government are: micro-purchases. Simplified acquisition procedures. Sealed bidding. Contract by negotiations. And, consolidated purchasing programs, such as the use of GSA schedules, Government Wide Acquisition Contracts and other multiple award vehicles.
How long can a government contract last?
This decision is an important reminder that pursuant to FAR § 52.217-8, the government is entitled to unilaterally extend your contract up to six months, in any increment, before all option years have been exercised and at the rates in effect in the contract.
Can you extend an expired government contract?
Reviving an expired contract is a tricky business legally. If a contract has expired, then it means there was no renewal clause built into it. If both parties agree to it, the start of the new term can be backdated so that there is no period of time in which they are not covered by the contract.
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