120 days prior to end of fifth year of a long term contract and any option

120 days prior to end of fifth year of a long term

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120 days prior to end of fifth year of a long-term contract and any option exercised after 5 years If size status changes to other than small due to novation, mergers or acquisitions, or in the fifth year or later in the case of long-term contracts, agencies may no longer include the value of options, orders, modifications, or purchases made under blanket purchase agreements in their small business prime contracting goals. The contracting officer shall issue a modification to the contract capturing the re-representation and shall report it in the Federal Procurement Data System (FPDS). Sources: FAR 19.301-2 FAR 42.12 FAR 52.219-28 Now that we have discussed how to determine if a business is large or small, please take the time to answer a few questions that reinforce the key learning points. What is best described as independently owned and operated, not dominant in the field of operation in which it is bidding on government contracts, and qualified under the criteria and size standards in 13 Code of Federal Regulations (CFR) part 121? That is correct. The correct answer is B. Small Business Concern . Per Federal Acquisition Regulation (FAR) 2.101, a small business concern means a concern, including its affiliates, that is independently owned and operated, not dominant in the field of operation in which it is bidding on government contracts, and qualified as a small business under the criteria and size standards in 13 CFR part 121 (see also FAR 19.102). How does the contracting officer know if a small business changes its size due to a merger or acquisition? A small business is required to recertify its size status to the contracting officer within 30 days of the request to novate or within 30 days of the acquisition or merger being finalized
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If a small business is bought and the number of employees increases above the size standards for the North American Industry Classification System (NAICS) code under the contract, what should the contracting officer do with regard to the change in size status? That is correct. The correct answer is C . If size status changes to other than small due to novation or mergers or acquisitions, agencies may no longer include the value of options, orders, modifications, or purchases made under blanket purchase agreements in their small business prime contracting goals. The contracting officer shall issue a modification to the contract capturing the re-representation and shall report it in FPDS. Why Does Small Business Matter? Now that you know how to identify whether or not a business is small, you need to understand and appreciate why this topic is so important. Don’t worry, I will cover the various small business programs, goals, and so on, but I think there is value in first recognizing the critical role that small businesses play in our nation. Does that make sense?
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