Glossary

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FAA

Federal Aviation Administration


Fair Market Price (FMP)

The price the Commission determines for products and services on the Procurement List.


FAR

Federal Acquisition Regulation: The body of regulations that are the primary sources of authority governing the federal government procurement process.


FASA

Federal Acquisition Streamlining Act of 1994


FDA

Food and Drug Administration


FED-SPEC

Federal Specification


FLSA

Fair Labor Standards Act: A United States labor law that creates the right to a minimum wage, and "time-and-a-half" overtime pay when people work over forty hours a week. It also prohibits employment of minors in "oppressive child labor"


FMP

Fair Market Price


FOB

Freight on Board


FOB Destination

Seller retains the risk of loss until the goods reach the buyer.


FOB Origin

Purchaser pays shipping cost from factory or warehouse and gains ownership of goods as soon as it leaves its point of origin.


FOIA

Freedom of Information Act


FOY

Follow-On Year


FPI

Federal Prison Industries


FR

Federal Register: A 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.