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Glossary

NAICS code

A NAICS code is the six-digit industry classification assigned to a type of business activity. In federal contracting the contracting officer assigns one NAICS code to each solicitation, and that code carries the size standard that decides who is small.

Contracting officer (CO or KO)

A contracting officer is the government employee who holds a warrant authorizing them to enter into, administer and terminate contracts on behalf of the agency. Only a contracting officer can bind the government.

Contracting Officer's Representative (COR)

A Contracting Officer's Representative is the agency employee the contracting officer designates in writing to monitor technical performance on a contract, inspect deliverables and recommend acceptance, without authority to change the contract.

Fair and reasonable price

A fair and reasonable price is the price a contracting officer determines, before award, to be fair to both the government and the contractor, based on price analysis, cost analysis, or both.

Contract modification (mod)

A contract modification is any written change to the terms of an existing contract, issued by the contracting officer on Standard Form 30, whether to add funds, exercise an option, change the scope, extend the period or correct an error.

Responsible prospective contractor

A responsible prospective contractor is one the contracting officer affirmatively finds, before award, to meet the general standards in FAR 9.104-1: adequate financial resources, the ability to meet the schedule, a satisfactory performance record, integrity, the needed organization and equipment, and eligibility under the law.

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