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President Trump signed into law the Small Business Runway Extension Act of 2018 on December 17th, 2018. The Act modified how the SBA calculates a business’ size for revenue-based size standards. The Act also increased the period of time used in the calculation of a firm’s receipts from three years to five.

Regulations implementing the Act go into effect on January 6th, 2020. However, the final rule permits contractors to elect to use either the three-year or five-year period of measurement for certifications submitted on or before January 6th, 2022. The election period is ...

Most government contracts include a clause giving the government the right to terminate the contract, or any part thereof, for its sole convenience “when it is in the best interests of the government.” FAR Parts 49, 12, 13, and 31 establish the regulatory requirements for termination and settlement of government contracts. The mechanics are specific. Upon receipt of the notice of termination, the prime contractor should immediately stop all work and terminate all subcontracts related to the terminated portion of the prime contract. Inventory disposal schedules must be ...