Federal Procurement Act

[AI summary unavailable — showing source text] Federal Procurement Act - Provides that this Act applies to any contract of an executive agency for the procurement of (1) property other than real property in being, (2) services, or (3) construction, alteration, repair, or maintenance of real property. States that, except as otherwise authorized by law, contracts shall be made by small purchase procedures, formal advertising, competitive negotiation, or noncompetitive negotiation. Sets forth the procedures for the making of each such type of contract. Requires that each contractor or subcontractor submit cost or pricing data and shall certify that the data is accurate as of a date agreed upon between the parties, prior to specified contract awards and price adjustments. Provides that contracts may be of any type or combination of types which will promote the best interests of the Government except that the cost-plus-a-percentage-of-cost system of contracting shall not be used by any Federal agency. States that no contract for the carriage of Government property in other than Government-owned cargo containers shall require carriage in containers of specified length, height, or width unless the Secretary of Defense determines that …