A Concession Agreement is a contract between a host government's government and a foreign firm that outlines the terms under which the firm will invest in the host country, covering aspects like taxes, profit remittance, and ownership transfer.
The Cost Accounting Standards Board (CASB) is a regulatory board established in the USA in 1970 by Congress to promote consistency and uniformity in cost-accounting practices among government contractors, facilitating accurate reporting of costs associated with government contracts.
The General Services Administration (GSA) is a federal government agency responsible for purchasing and managing property occupied by other federal government agencies. It plays a crucial role in providing products, services, and facilities to enable federal agencies to efficiently fulfill their missions.
Interindustry competition refers to the competition that develops between companies operating in different industries. For example, an automobile company may compete with an aerospace company for a government manufacturing contract for a military subsystem.
Minority Business refers to enterprises owned and operated by underrepresented groups, often experiencing unique challenges such as lack of financing and management experience. Government initiatives, including earmarking a percentage of government contracts, aim to support their growth and success.
An open bid is an offer to perform a contract by quoting a price for materials or work, while retaining the right to reduce that price to match competitors' bids. It is commonly utilized in governmental contracts.
A set-aside is a policy where a percentage of a job or contract is reserved exclusively for minority businesses. This measure aims to foster the growth and establishment of minority firms by providing them with opportunities that would be challenging to secure in an open competitive environment against more established competitors.
