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                            19.001 Definitions.
        
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FAC Number: 2024-03 Effective Date: 02/23/2024
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Subpart19.019.119.219.319.419.519.619.719.819.1319.1419.15
Section19.00019.001
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19.001 Definitions.19.001 Definitions.       As used in this part-          *Concern* means any business entity organized for profit (even if its ownership is in the hands of a nonprofit entity) with a place of business located in the United States or its outlying areas and that makes a significant contribution to the U.S. economy through payment of taxes and/or use of American products, material and/or labor, etc. "Concern" includes but is not limited to an individual, partnership, corporation, joint venture, association, or cooperative. For more information, see 13 CFR 121.105.          *Fair market price* means a price based on reasonable costs under normal competitive conditions and not on lowest possible cost (see  19.202-6).          *Industry* means all concerns primarily engaged in similar lines of activity, as listed and described in the North American Industry Classification System (NAICS) manual.          *Similarly situated entity*             means a first-tier subcontractor, including an independent contractor, that—(1)Has the same small business program status as that which qualified the prime contractor for the award (*e.g.*, for a small business set-aside contract, any small business concern, without regard to socioeconomic status); and                                                                     (2)Is considered small for the size standard under the NAICS code the prime contractor assigned to the subcontract.    **Parent topic:**  Part 19 - Small Business Programs
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