Change order means a written order, signed by the contracting officer, directing the contractor to make a change that the Changes clause authorizes the contracting officer to order without the contractor’s consent. Like other critical steps in the lifecycle of a product, Devin suggests the effectiveness of qualification drives down to the approach of quality by design—doing things in ways that have proven to be effective time and again. Following this philosophy means, in this context, understanding your customers by identifying and human factor requirements and making them actionable design inputs. After the initial IQ, re-qualification must be performed following any major maintenance or when equipment is modified. Re-qualification should also be performed as part of routine quality assurance processes. To make sure that PPEs are properly used and fully serve their functions, it’s important that your workers understand their proper use, maintenance, and disposal of PPE to protect themselves and the people around them.

• For your business, investing in efficient loading equipment boosts productivity by reducing the time and effort required for loading and unloading.
• For cost-reimbursement research and development contracts with educational institutions, it may be predetermined; that is, established for a future period on the basis of cost experience with similar contracts, together with supporting data.
• Self-insurance means the assumption or retention of the risk of loss by the contractor, whether voluntarily or involuntarily.

For cost-reimbursement research and development contracts with educational institutions, it may be predetermined; that is, established for a future period on the basis of cost experience with similar contracts, together with supporting data. Contracting officer’s representative (COR) means an individual, including a contracting officer’s technical representative (COTR), designated and authorized in writing by the contracting officer to perform specific technical or administrative functions. Let’s say a large corporation owns a large facility with several buildings and a large parking lot that the employees use to park their vehicles. The company is so large that they have a facilities department made up of several employees who maintain the overall facility including the parking lot.

PPE includes safety harnesses and lanyards and should be strictly used for tasks that can cause falling from heights and serious injury or death. Hands Protection PPE includes safety gloves and should be used for tasks that can cause hand and skin burns, absorption of harmful substances, cuts, fractures or amputations. PPE includes full-face respirators, self-contained breathing apparatus, gas masks, N95 respirators, and surgical masks are used for a task that can cause inhalation of harmful materials to enter the body. This includes harmful gas, chemicals, large-particle droplets, sprays, splashes, or splatter that may contain viruses and bacteria such as COVID-19, viral infections, and more.

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It ensures that goods are handled properly and efficiently, minimizing the chances of accidents during the loading and unloading process. Included are land, buildings, leasehold improvements, equipment, furniture, fixtures, delivery trucks, automobiles, etc. that are owned by the company. Unique entity identifier means a number or other identifier used to identify a specific commercial, nonprofit, or Government entity. Pricing means the process of establishing a reasonable amount or amounts to be paid for supplies or services. Offer means a response to a solicitation that, if accepted, would bind the offeror to perform the resultant contract. Responses to invitations for bids (sealed bidding) are offers called “bids” or “sealed bids”; responses to requests for proposals (negotiation) are offers called “proposals”; however, responses to requests for quotations (simplified acquisition) are “quotations,” not offers.

Importance of Quality Equipment

Single, Governmentwide point of entry, means the one point of entry to be designated by the Administrator of OFPP that will allow the private sector to electronically access procurement opportunities Governmentwide. Signature or “signed” means the discrete, verifiable symbol of an individual that, when affixed to a writing with the knowledge and consent of the individual, indicates a present intention to authenticate the writing. Residual value means the proceeds, less removal and disposal costs, if any, realized upon disposition of a tangible capital asset. It usually is measured by the net proceeds from the sale or other disposition of the asset, or its fair value if the asset is traded in on another asset.

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Inspection means examining and testing supplies or services (including, when appropriate, raw materials, components, and intermediate assemblies) to determine whether they conform to contract requirements. Final indirect cost rate means the indirect cost rate established and agreed upon by the Government and the contractor as not subject to change. It is usually established after the close of the contractor’s fiscal year (unless the parties decide upon a different period) to which it applies.

Event & Site Services

This term does not include computer software or financial, administrative, cost or pricing, or management data or other information incidental to contract administration. The term includes recorded information of a scientific or technical nature that is included in computer databases (see 41 U.S.C. 116). Service-disabled veteran-owned small business (SDVOSB) Program means a program that authorizes contracting officers to limit competition, including award on a sole-source basis, to SDVOSB concerns eligible under the SDVOSB Program. Purchase order, when issued by the Government, means an offer by the Government to buy supplies or services, including construction and research and development, upon specified terms and conditions, using simplified acquisition procedures. Forward pricing rate agreement means a written agreement negotiated between a contractor and the Government to make certain rates available during a specified period for use in pricing contracts or modifications. These rates represent reasonable projections of specific costs that are not easily estimated for, identified with, or generated by a specific contract, contract end item, or task.

• On the other hand, equipment refers to a collection of devices that are used together for a particular task or function, such as a computer network or a set of tools in a workshop.
• Devices are usually simpler in design and functionality compared to equipment.
• Special competency means a special or unique capability, including qualitative aspects, developed incidental to the primary functions of the Federally Funded Research and Development Centers to meet some special need.
• Equipment is a fundamental aspect of operations across different sectors, influencing productivity, quality, and safety.
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Descriptive literature means information provided by an offeror, such as cuts, illustrations, drawings, and brochures, that shows a product’s characteristics or construction of a product or explains its operation. The term includes only that information needed to evaluate the acceptability of the product and excludes other information for operating or maintaining the product. Classified contract means any contract in which the contractor or its employees must have access to classified information during contract performance. A contract may be a classified contract even though the contract document itself is unclassified. Bid sample means a product sample required to be submitted by an offeror to show characteristics of the offered products that cannot adequately be described by specifications, purchase descriptions, or the solicitation (e.g., balance, facility of use, or pattern). Assignment of claims means the transfer or making over by the contractor to a bank, trust company, or other financing institution, as security for a loan to the contractor, of its right to be paid by the Government for contract performance.

This article has been researched & authored by the Business Concepts Team which comprises of MBA students, management professionals, and industry experts. The content on MBA Skool has been created for educational & academic purpose only. My Accounting Course  is a world-class educational resource developed by experts to simplify accounting, finance, & investment analysis topics, so students and professionals can learn and propel their careers. Shaun Conrad is a Certified Public Accountant and CPA exam expert with a passion for teaching. After almost a decade of experience in public accounting, he created MyAccountingCourse.com to help people learn accounting & finance, pass the CPA exam, and start their career.

Get a playbook for overcoming the challenges of locating and evaluating validation specialists who can see your process or other validation project through to success on-time and on-budget. All of these tools help you interpret requirements at an engineering level. If you’ve met the expected lifetime that you have chosen for that device to have, then that is what success is.

In preparation for winter, the manager of the facilities department is required to purchase three snow blowers to ensure his employees have the necessary tools to clear snow from the company parking lots. The facilities manager purchases three snow blowers for $3,000 ($1,000 each), and places them into service. He estimates the snow blowers will be used for five years and all supporting documentation for the snow blowers is provided to the accounting department. Simply put, a piece of equipment is a capital investment that a company has purchased to perform a specific task for the business.

The suffix is assigned at the discretion of the commercial, nonprofit, or Government entity to establish additional System for Award Management records for identifying alternative EFT accounts (see subpart 32.11) for the same entity. Delivery order means an order for supplies placed against an established contract or with Government sources. Covered territory business, as defined at 15 U.S.C. 632(ff) and 13 CFR 125.1, means a small business concern that has its principal office located in the United States Virgin Islands, American Samoa, Guam, or the Commonwealth of the Northern Mariana Islands. Unlike traditional full-time hiring, a flexible contract staffing model combined with a large, global staff of qualified personnel enables better adjustment with cyclical or project-based demand while infusing new skills and experiences into the team. Rather than filling a traditional full-time role, many life science organizations work with resourcing firms that can locate and place qualified professionals through a equipment definition andmeaning flexible contract staffing/staff augmentation model.