“To amend title 10, United States Code, to require reporting of certain price increases for covered contracts, and for other purposes.”
No CRS summary available for this bill.
This section requires an offeror on a covered Department of Defense (DoD) contract to report to the relevant contracting officer, not later than 30 days after becoming aware, if the price of a product or service reaches or exceeds (1) 25% more than the price specified in the contract bid; (2) 25% more than the price the government paid for such product or service in the preceding calendar year; or (3) 50% more than the price the government paid at any time in the five-year period preceding the contract award. For noncompliance, the Director of the Defense Contract Audit Agency or relevant service acquisition executive must record specified information about the offeror and product or service—such as national stock number, order quantity, unit cost, total cost, purchasing entity, and order date—in the Federal Awardee Performance and Integrity Information System (FAPIIS) or successor system. Covered contracts are those awarded using non-competitive procedures under 10 U.S.C. § 3204 or Federal Acquisition Regulation § 6.302.