Electronic Code of Federal Regulations 2021.pdf

The document outlines guidelines and standards for procurement procedures under Federal awards. It emphasizes fair profit considerations, allowable costs, and the prohibition of certain contracting methods. It discusses the review process by Federal awarding agencies, bonding requirements for construction contracts, and the necessity of specific contract provisions. The document also covers procurement standards for states, general procurement standards, competition requirements, methods of procurement, and informal procurement methods for acquisitions under a Federal award. Additionally, it addresses conflict of interest policies, organizational conflicts of interest, and the importance of maintaining detailed procurement records.