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FAA

Federal Aviation Administration

Fair Market Price (FMP)

The fair market price is the cost of goods or services agreed upon by a willing buyer and a willing seller; neither under any compulsion to buy or sell and both having reasonable knowledge of relevant facts. The fair market price usually includes a period of public comment.

The U.S. AbilityOne Commission is ultimately responsible for determining the “fair market price” for an AbilityOne project; which is set at the time the product or service is added to the Procurement List (PL).

FAR

Federal Acquisition Regulation

FASA

Federal Acquisition Streamlining Act of 1994

FDA

Food and Drug Administration

FED-SPEC

Federal Specification

FLSA

Fair Labor Standards Act

FMP

Fair Market Price

FOB

Freight on Board

FOIA

Freedom of Information Act

FOY

Follow-On Year

FPI

Federal Prison Industries

FR

Federal Register – the daily publication of general and permanent, proposed rules legislation, and notices of federal government agencies and organizations.

FSS

Federal Supply Schedule or GSA Federal Supply Service

FTE

Full-time Equivalent

FY

Fiscal Year - October 1 through September 30 for the federal government.