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Glossary J-K-L

J

Joint Venture:
In the SBA Mentor-Protégé Program, an agreement between a certified 8(a) firm and a mentor firm to perform a specific federal contract.

K

Kickback:
Any money, fee, commission, credit, gift, gratuity, thing of value, or compensation of any kind which is provided, directly or indirectly, to agency procurement or program officials by any prime contractor employee, subcontractor, or subcontractor employee for the purpose of improperly obtaining or receiving favorable treatment in connection with obtaining a contract.

L

Life Cycle Cost:
The total cost to any agency for recurring, operating, supporting and disposing of the items being acquired over the life of the contract.
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Popular terms (Glossary)

Contract Award: Occurs when the contracting officer has signed and distributed the contract to, or notified the contractor.

Commerce Business Daily: A Department of Commerce publication used by federal agencies to publish a summary or synopsis of their upcoming procurements to notify interested businesses. Now largely replaced by the Fedbizopps internet site.

RFP - Request for Proposal: A process where an agency or government can seek a specific proposal from vendors. Follows a specifications process and formalized set of standards and procedures. Generally seeks less vendor input than an RFI but more than an RFQ.

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