Difference between revisions of "Use of Foreign Currency"
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| − | Generally, the US Government does not prefer contract pricing in foreign currency. FAR 25.1002 - Use of Foreign Currency states: | + | '''Generally, the US Government does not prefer contract pricing in foreign currency.''' |
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| + | FAR 25.1002 - Use of Foreign Currency states: | ||
Unless an international agreement or the WTO GPA (see 25.408(a)(4)) requires a specific currency, contracting officers must determine whether solicitations for contracts to be entered into and performed outside the United States will require submission of offers in U.S. currency or a specified foreign currency. In unusual circumstances, the contracting officer may permit submission of offers in other than a specified currency. | Unless an international agreement or the WTO GPA (see 25.408(a)(4)) requires a specific currency, contracting officers must determine whether solicitations for contracts to be entered into and performed outside the United States will require submission of offers in U.S. currency or a specified foreign currency. In unusual circumstances, the contracting officer may permit submission of offers in other than a specified currency. | ||
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'''(c)''' If a contract is priced in foreign currency, the agency must ensure that adequate funds are available to cover currency fluctuations to avoid a violation of the Anti-Deficiency Act (31 U.S.C. 1341, 1342, 1511-1519).<ref>FAR 25.1002</ref> | '''(c)''' If a contract is priced in foreign currency, the agency must ensure that adequate funds are available to cover currency fluctuations to avoid a violation of the Anti-Deficiency Act (31 U.S.C. 1341, 1342, 1511-1519).<ref>FAR 25.1002</ref> | ||
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In the event that the solicitation does allow for Foreign Currency Offers, [[FAR 52.225-17 - Evaluation of Foreign Currency Offers]], must be in the solicitation | In the event that the solicitation does allow for Foreign Currency Offers, [[FAR 52.225-17 - Evaluation of Foreign Currency Offers]], must be in the solicitation | ||
Revision as of 07:56, 30 March 2015
Generally, the US Government does not prefer contract pricing in foreign currency.
FAR 25.1002 - Use of Foreign Currency states:
Unless an international agreement or the WTO GPA (see 25.408(a)(4)) requires a specific currency, contracting officers must determine whether solicitations for contracts to be entered into and performed outside the United States will require submission of offers in U.S. currency or a specified foreign currency. In unusual circumstances, the contracting officer may permit submission of offers in other than a specified currency.
(b) To ensure a fair evaluation of offers, solicitations generally should require all offers to be priced in the same currency. However, if the solicitation permits submission of offers in other than a specified currency, the contracting officer must convert the offered prices to U.S. currency for evaluation purposes. The contracting officer must use the current market exchange rate from a commonly used source in effect as follows:
- (1) For acquisitions conducted using sealed bidding procedures, on the date of bid opening.
- (2) For acquisitions conducted using negotiation procedures—
- (i) On the date specified for receipt of offers, if award is based on initial offers; otherwise
- (ii) On the date specified for receipt of final proposal revisions.
(c) If a contract is priced in foreign currency, the agency must ensure that adequate funds are available to cover currency fluctuations to avoid a violation of the Anti-Deficiency Act (31 U.S.C. 1341, 1342, 1511-1519).[1]
In the event that the solicitation does allow for Foreign Currency Offers, FAR 52.225-17 - Evaluation of Foreign Currency Offers, must be in the solicitation
References and Notes
- ↑ FAR 25.1002
