Federal Acquisition Reform Act

[AI summary unavailable — showing source text] Federal Acquisition Act - Title I: Acquisition Methods and Regulatory Guidance - Requires Federal agencies to procure goods and services utilizing methods prescribed in this Act as directed by rules promulgated by the Office of Federal Procurement Policy (Office). Title II: Acquisition by Competitive Sealed Bids - Sets criteria for use of the competitive sealed bid method of acquisition. Requires bid invitations to indicate what factors, in addition to price, will be considered in evaluating bids. Title III: Acquisition by Competitive Negotiation - Permits the use of the competitive negotiation method of procurement when the competitive sealed bid method is inappropriate under this Act. Permits procurement through negotiation with a single source if a contract stems from the acceptance of an unsolicited proposal or if such procurement practice is in the best interest of the Government. Requires contractors to submit price data for analysis prior to any negotiated award, change, or modification of any contract valued at over $500,000 in order to facilitate determination of the reasonableness of its offers. Requires contractors party to a single-source award or negotiated contract to…