Small Business Opportunity and Fair Competition Act of 1992

Small Business Opportunity and Fair Competition Act of 1992 - Amends the Small Business Act to include among the functions of the Office of Advocacy to identify and make annual reports to the Congress concerning activities that are performed by Federal agencies or by State or local government agencies utilizing a grant, loan cooperative agreement, or other Federal assistance and that: (1) duplicate or compete with private enterprise and can be performed by private firms (including small business concerns and small business concerns owned and controlled by socially and economically disadvantaged individuals) at lower overall cost to Federal, State, or local government; and (2) are not inherently governmental in nature and, if performed by private firms, would not impede the mission of the governmental agency.

Authorizes breakout procurement center representatives to identify and make recommendations concerning Federal procurements of supplies (including equipment) or services that may result in the performance by a Federal department or agency of activities which: (1) duplicate or compete with private firms and can be performed by private firms (including small business concerns and small business concerns owned and controlled by socially and economically disadvantaged individuals) at lower overall costs to the United States; and (2) are not inherently governmental in nature and, if performed by private firms, would not impede the mission of the department or agency.

Directs the Administrator of the Small Business Administration to: (1) conduct a surveying and mapping demonstration program to demonstrate the capability of private firms to provide quality services to Federal departments and agencies at fair and reasonable fees; and (2) publish an inventory of survey and mapping activities of Federal departments and agencies and State or local government agencies utilizing a grant, loan cooperative agreement, or other Federal assistance with are performed by employees of such departments and agencies and by private firms.

Requires the Administrator to develop and implement a demonstration program to increase contract opportunities for, and reduce Government competition with, private survey and mapping firms. Sets forth provisions regarding: (1) program objectives; (2) the contract process; (3) waivers; (4) program term; (5) reporting requirements; and (6) cooperation of Federal departments and agencies.

Specifies demonstration program elements, including: (1) Federal Government agency leadership in the preparation of standards and specifications, in research in survey and mapping instrumentation and procedures and the prompt transfer of technology to the private sector, in providing technical guidance, coordination, and administration of all federally funded survey and mapping activities, in establishing a schedule with quantifiable goals for increasing the use by Federal, State, and local governments of contracts with private firms for current and future survey and mapping activities, and in performing only those survey and mapping activities that are inherently governmental in nature, that do not duplicate or unfairly compete with private firms, and that utilize such firms in performing new programs and activities; and (2) private sector leadership in performing survey and mapping activities at a value or cost-benefit ratio equal to or lower than existing Government performance of such activities, in performing survey and mapping activities that meet Federal standards, specifications, and schedules, and in assuming responsibility for performing survey and mapping activities resulting from basic research performed by Federal agencies.