A bill to amend title 10, United States Code, to improve procedures for the acquisition of spare and repair parts, and for other purposes.

Amends Federal armed forces provisions to define the terms "spare or repair part" and "lowest commercial price" for purposes of this Act.

Provides that if a defense agency uses other-than-competitive procurement procedures to purchase spare or repair parts which such contractor also offers for sale to the general public, then the contract price to the United States may not exceed the lowest commercial price charged to the general public for such parts. Requires, in such case, the contractor to either certify that the price offered does not exceed the lowest commercial price charged, or provide written justification for any price difference. Outlines exceptions to the requirements of this Act based on national security or differences in contract terms from commercial contracts. Authorizes the defense agency's contracting officer to examine and audit all sales records of the contractor involved in order to verify certifications or justifications provided by such contractors. Requires the contractor to make such records available for such purpose.

Amends the Department of Defense Authorization Act, 1985 to require the Secretary of Defense, within 180 days after the enactment of such Act, to prescribe regulations concerning the manner in which the Department of Defense negotiates prices for supplies obtained through other-than-competitive procurement procedures. Outlines provisions to be included in such regulations, as well as exceptions to such regulations.

Repeals current Federal law concerning defense procurement cost and price management.