FASA meaning in Governmental ?

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What is Federal Acquisition Streamlining Act of 1994 mean?

The Federal Acquisition Streamlining Act of 1994 (S. 1587; Pub.L. 103–355) is a United States law that was enacted in 1994 with the goal of lowering procurement barriers. This Act enables Simplified Acquisition Procedures where the procurement is limited, facilitates reliance of Commercial off-the-shelf (COTS) technology, and promotes the use of fixed-price Performance Based Contracting.

The law alters the United States government procurement strategy from lowest bid to best value. The Federal Acquisition Streamlining Act and the Federal Acquisition Reform Act of 1996 removed the traditional oversight mechanisms that had been in place for decades and paved the way for a new method of awarding federal government contracts. Contracts must meet 90% of their performance goals or face termination.

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Posted on 04 Dec 2024, this text provides information on Miscellaneous in Governmental related to Governmental. Please note that while accuracy is prioritized, the data presented might not be entirely correct or up-to-date. This information is offered for general knowledge and informational purposes only, and should not be considered as a substitute for professional advice.

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Miscellaneous in Governmental
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Miscellaneous in Governmental


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