Federal Procurement Act

Federal Procurement Act - States that it is the policy of Congress that a fair proportion of contracts be placed with small business concerns.

Provides that, except as otherwise authorized by law, contracts shall be made by (1) small purchase procedures, (2) formal advertising, (3) competitive negotiation, or (4) noncompetitive negotiation as provided in this Act.

States that contracts exceeding $10,000 (to which simplified small purchase procedures shall apply) shall be made by formal advertising except when the contracting officer determines in writing that competitive or non-competitive negotiation would be preferable, setting forth his reasons for such decision.

Sets forth guidelines for the competitive negotiation of contracts.

Requires a prime contractor or any subcontractor to submit cost or pricing data if the award of any negotiated prime contract is expected to exceed $100,000.

Provides that contracts may be of any type or combination of types which will promote the best interests of the Government except that the cost-plus-a-percentage-of-cost system of contracting shall not be used.

Provides that the fee of a cost-plus-a-fixed-fee contract for experimental, developmental, or research work shall not exceed 15 percent of the estimated cost of the contract, exclusive of fee, as determined by the agency head at the time of awarding the contract and that the fee of any other cost-plus-a-fixed-fee contract shall not exceed 10 percent of such estimated cost, exclusive of fee.

Authorizes an agency to make contracts providing for requirements for property or services, other than construction, alteration, or major repair of real property, for periods of not more than 5 years with any appropriation.

Permits (1) the making of advance, partial, and progress payments and (2) the limitation of small business concerns to advance or progress payments.

States that appropriations available for the purpose of procurement by an agency may be made available, through administrative action, for the same purpose in any other appropriation or fund of the agency, or of another military department in the case of action by a military department, in amounts authorized by the head of the agency.