Federal Procurement Act

[AI summary unavailable — showing source text] Federal Procurement Act - States that it is the policy of Congress that a fair proportion of contracts be placed with small business concerns. Provides that, except as otherwise authorized by law, contracts shall be made by (1) small purchase procedures, (2) formal advertising, (3) competitive negotiation, or (4) noncompetitive negotiation as provided in this Act. States that contracts exceeding $10,000 (to which simplified small purchase procedures shall apply) shall be made by formal advertising except when the contracting officer determines in writing that competitive or non-competitive negotiation would be preferable, setting forth his reasons for such decision. Sets forth guidelines for the competitive negotiation of contracts. Requires a prime contractor or any subcontractor to submit cost or pricing data if the award of any negotiated prime contract is expected to exceed $100,000. 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. Provides that the fee of a cost-plus-a-fixed-fee contract for experimental, developmenta…