Small Business Emergency Relief Act

(LATEST SUMMARY)

Small Business Emergency Relief Act - States that it is the policy of Congress to provide equitable relief to small business concerns which have fixed price Government contracts in cases where such concerns encounter significant unavoidable difficulties during performance because of the energy crisis or rapid and unexpected escalations of contract costs.

Authorizes the head of any executive agency to terminate for the convenience of the Government any fixed-price contract between that agency and a small business concern upon a finding that (1) during the performance of the contract, the concern has experienced significant unanticipated cost increases directly affecting the cost of contract compliance; and (2) the conditions which have caused such cost increases were experienced generally by other small business concerns in the market at the same time and were not caused by negligence, underbidding, or other special management factors peculiar to that small business concern.

Sets forth documentation required of small business concerns requesting relief under this Act.