Glossary of Defense Contracting Terms (F)
This Glossary provides you with the most frequently used terms in government and military base contracting. Familiarity with the language of government contracting is essential for doing business with the Department of Defense (DoD) and working with contracting offices at military bases and DoD agencies. You may also find it helpful to use our master list of Acronyms frequently used in DoD contracting.
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View ACRONYMS used in Defense Contracting
FACTORING Process of using account receivables, through a fee, to leverage advance money from a financial institution.
FAIR AND REASONABLE PRICE A price that is fair to both parties, considering the agreed-upon conditions, promised quality, and timeliness of contract performance. "Fair and reasonable" price is subject to statutory and regulatory limitations.
FAIR MARKET PRICE A price based on reasonable costs under normal competitive conditions and not on lowest possible cost.
FEDBIZOPPS (FBO) Federal Business Opportunities or FedBizOpps is a government web-based portal which allows vendors to review federal procurement opportunities over $25,000. These opportunities include request for industry day participation, Request for Proposals (RFP), Request for Information (RFI), synopses, source sought notice, special notice, and award notices.
FEDERAL ACQUISITION REGULATION (FAR) A set of rules that govern executive agencies in acquiring goods and services.
FEDERAL ACQUISITION SERVICE (FAS) The result of a reorganization plan that consolidated the Federal Technology Service (FTS) and the Federal Supply Service (FSS) into one organization.
FEDERAL ADVISORY COMMITTEE ACT (FACA) An act by Congress that ensures advice rendered to the executive branch by the various advisory committees, task forces, boards, and commissions formed over the years by Congress and the president, be both objective and accessible to the public.
FEDERAL DISPOSAL SYSTEMS (FEDS) The General Service Administration's (GSA"s) computer system for recording, tracking and controlling the nationwide inventory of excess and surplus property of the federal government.
FEDERAL MANAGEMENT REGULATION (FMR) A document that replaces the Federal Property Management Regulation (FPMR) which details policies and regulatory requirements on managing property and administrative services.
FEDERAL OFFICE SYSTEMS EXPOSITION (FOSE) The largest, annually occurring Information Technology (IT) exposition serving the government marketplace.
FEDERAL PROCUREMENT DATA SYSTEM (FPDS) A central repository of statistical information on federal contracting.
FEDERAL SUPPLY SCHEDULE (FSS) Publications issued by the GSA schedule contracting office containing the information for placing delivery or task orders under indefinite delivery contracts (including requirements contracts) established with commercial firms to obtain commonly used commercial supplies and services associated with volume buying. Ordering offices issue delivery or task orders directly to the schedule contractors.
FEDERAL TRADE COMMISSION (FTC) A government body created to prevent unfair methods of competition in commerce.
FEDERALLY FUNDED RESEARCH AND DEVELOPMENT CENTER (FFRDC) An activity that is sponsored under a broad charter by a Government agency (or agencies) for the purpose of performing, analyzing, integrating, supporting, and/or managing basic or applied research and/or development, and which receive 70 percent or more of its financial support from the Government.
FEINTING The use of a pretense or action designed to mislead. In negotiations, this tactic normally involves the use of true but misleading statement or behavior. It gives the other negotiator a false impression or deceives the negotiator into believing something that is not true.
FILED The complete receipt of any document by an agency before its close of business. Documents received after close of business are considered filed as of the next day.
FIRM FIXED-PRICE CONTRACT (FFP) A contract that provides for a price that is not subject to any adjustment on the basis of the contractor's cost experience in performing the contract.
FORMAL SOLICITATION A solicitation that requires a “sealed" response.
FREE ON BOARD AT DESTINATION The seller is responsible for the cost and risk of shipping.
FREE ON BOARD FROM ORIGIN The buyer is responsible for the cost and risk of shipping.
FREEDOM OF INFORMATION ACT (FOIA) The right to access Federal and many state and local agency records. Upon written request, the agency must disclose the desired records, unless they can be lawfully withheld from disclosure under one of nine specific exemptions set out within the FOIA. In this case, burden to substantiate why the information may not be released is placed on the government agency.
FULL AND OPEN COMPETITION All responsible sources are permitted to compete for a solicitation.
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