I recently went to an Appropriation Law Seminar and thought you might find this information useful.
• For Procurement purposes, you can check whitehouse.gov/omb/budget to find out about the President’s budget for the current fiscal year. (Most of the Government websites reflect previous fiscal years.)
• An appropriation, budget authority to incur an obligation, can be for one year, multi-year, or no-year duration. No year funds are available until they are either spent or rescinded by Congress.
• The three elements of an appropriation are purpose, time, and amount.
• These are the Contractual Obligation requirements for the following contract types:
Time and Materials/Labor Hour Contracts: Obligate total estimated and not more than maximum current liability;
Indefinite Delivery Indefinite Quantity (IDIQ): Obligate minimum amount; and
Purchase Orders: Amount liable at time of contract formation.
• If a contract is terminated for default, all excess funds are de-obligated. However, if there is still a bona fide need, it is within the scope of the original contract, and a contract is awarded promptly, the same funding may be used.
Contact Streamline if you have questions about contract management.
This blog is for informational purposes only. None of the content is, or will be deemed to constitute legal opinions or legal advice.