What is a federal interagency agreement?
What is a federal interagency agreement?
d) Interagency Agreement (IAA): A written agreement entered into between two Federal agencies, or major organizational units within an agency, which specifies the goods to be Page 4 DEPARTMENT OF THE TREASURY INTERAGENCY AGREEMENT GUIDE 4 furnished or tasks to be accomplished by one agency (the servicing agency) in …
What is an economy act agreement?
(a) The Economy Act (31 U.S.C. 1535) authorizes agencies to enter into agreements to obtain supplies or services from another agency. The FAR applies when one agency uses another agency’s contract to obtain supplies or services.
What was the purpose of the Economy Act?
ECONOMY ACT ORDERS order goods and services from other federal agencies (including other Military Departments and Defense Agencies) and to pay the actual costs of those goods and services. The Congress passed the Act in 1932 to obtain economies of scale and eliminate overlapping activities of the federal government.
What is interagency agreement?
Interagency Agreement means the legal instrument used for an interagency acquisition to exchange funds or property between two DOL organizations or between a DOL agency and another Federal agency.
What are the two types of interagency acquisitions?
There are two types of interagency acquisitions: direct acquisitions and assisted acquisitions.
Is the Economy Act still in effect?
The Economy Act of 1933 is sometimes confused with the Economy Act of 1932, which was signed in the final days of the Hoover administration in February 1933. Though amended several times, this provision—commonly referred to simply as the Economy Act—remains in force as of 2019 (31 U.S.C. § 1535).
What documents are needed for economic act?
The FAR states that Economy Act orders must include (1) a description of the supplies or services required; (2) delivery requirements; (3) a funds citation; (4) a payment provision ; and (5) acquisition authority as may be appropriate.
What are the statutory conditions for use of the Economy Act?
What is interagency acquisition?
“Interagency acquisition means a procedure by which an agency needing supplies or services (the requesting agency) obtains them from another agency (the servicing agency), by an assisted acquisition or a direct acquisition.” The term includes: ➢Economy Act acquisitions (31 U.S.C. 1535), and.
What is acquisition and procurement?
Procurement is the act of buying goods and services. Acquisition covers a much broader range of topics than procurement. Acquisition spans the whole life cycle of acquired systems.
When is an interagency agreement not governed by the Economy Act?
When an agency validly obligates its funds through an interagency agreement not governed by the Economy Act, the ordering agency does not have to deobligate its funds at the end of their period of availability.
What do you mean by an interagency agreement?
C. Interagency Agreement (IA). A written agreement entered into between two Federal agencies, or major organizational units within an agency, which specifies the goods to be furnished or tasks to be accomplished by one agency (the servicing agency) in support of the other (the requesting agency). 1. Payable (Funds -Out) IA.
When does the Economy Act ( far ) apply?
(a) The Economy Act (31 U.S.C.1535) authorizes agencies to enter into agreements to obtain supplies or services from another agency. The FAR applies when one agency uses another agency’s contract to obtain supplies or services. If the interagency business transaction does not result in a contract or an order, then the FAR does not apply.
When does far apply to interagency business transaction?
(a) The Economy Act ( 31 U.S.C. 1535) authorizes agencies to enter into agreements to obtain supplies or services from another agency. The FAR applies when one agency uses another agency’s contract to obtain supplies or services. If the interagency business transaction does not result in a contract or an order, then the FAR does not apply.