Federal Acquisition Act

Federal Acquisition Act - Title I: Acquisition Methods and Regulatory Guidance - Requires Federal agencies to procure goods and services utilizing methods prescribed in this Act as directed by rules promulgated by the Office of Federal Procurement Policy (Office).

Title II: Acquisition by Competitive Sealed Bids - Sets criteria for use of the competitive sealed bid method of acquisition. Requires the invitation for bids to describe purchases, to the extent practicable, in functional terms in order to permit a variety of distinct products or services to qualify. Requires agency head approval in the event that specific product or service descriptions are to be included in such bids. Provides for instances where the use of functional or performance specifications make it impractical to make an award primarily on the basis of price.

Title III: Acquisition by Competitive Negotiation - Permits the use of the competitive negotiation method of procurement when the competitive sealed bid method is inappropriate under this Act or rules promulgated by the Office. Requires solicitations for offers to be made to a sufficient number of qualified sources so as to obtain effective competition and, to the extent practicable, to describe the public need in functional terms so as to permit the application of a variety of technological approaches. Permits procurement through negotiation with a single source if there is only one prospective source, or when an emergency situation exists and intent to award such a contract is published in advance of such award. Requires contractors to submit price data for analysis prior to any negotiated award, change, or modification of any contract valued at over $500,000 in order to facilitate determination of the reasonableness of its offers. Requires contractors party to a single-source award or negotiated contract to submit cost information bearing on the reasonableness of the offered price. Gives agencies the power to inspect plants and records of a contractor up to three years after final payment has been made under a contract to ascertain the accuracy of price and cost data submitted under this Act.

Title IV: Acquisition by Competitive Small Purchase Procedures Method - Permits the use of the competitive small purchase procedures method of procurement when contracts valued at not more than $10,000 are involved and if such procedure would be advantageous to the Government.

Title V: General Provisions - Prohibits the use of cost-plus-a-percentage-of-cost contracting under this Act. Prohibits the employment of any agent on a contingent fee basis to solicit or secure a contract made with the Government. Disallows the making of any contract for a period of more than five years unless an exception has been made by the Office under this Act.

Sets forth limitations for the making of advance payments. Requires adequate security for partial and progress payments made pursuant to a Government contract.

Title VI: Delegation of Authority - Permits agency heads to delegate specified authority conferred under this Act. Permits one agency to delegate acquisition functions to another agency to facilitate joint acquisitions.

Title VII: Protests - Authorizes the Comptroller General to decide protests of awards under this Act. Permits the Comptroller General to declare a protested award or proposed award illegal. Requires protest proceedings to be as informal as possible.

Title VIII: Amendments and Repeals - Makes technical and conforming amendments.