All glossary terms
Federal Procurement & Regulations

Product Service Code

A four-character code identifying what a contract actually buys (a product, service, or R&D effort), distinct from NAICS, which classifies the vendor's industry.

Related terms

Best Value
Source selection evaluating technical merit, past performance, and innovation beyond just price.
Competition in Contracting Act
Legislation requiring full and open competition in procurement.
Contractor Performance Assessment Reporting System
Government system for documenting contractor performance evaluations.
Debarment
Action excluding a contractor from government contracting for a specified period.
Defense Federal Acquisition Regulation Supplement
DoD supplement to the FAR with additional defense-specific acquisition regulations.
Federal Acquisition Regulation
Principal set of rules governing how executive branch agencies acquire goods and services.
Federal Procurement Data System
Central database for government contracting transactions.
Freedom of Information Act
Provides public access to federal agency records upon request.
Full and Open Competition
Acquisition where all size companies are eligible to bid.
Government Accountability Office
Independent agency that audits federal programs and adjudicates bid protests.
Lowest Price Technically Acceptable
Award goes to the lowest-priced proposal meeting minimum technical requirements.
Market Research
Government research to assess whether a procurement can be performed by small businesses.