Glossary

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.