A contract is a legally enforceable agreement between two or more competent parties, is mutually binding, and obligates one party to furnish something of value and the other party to provide consideration. As the Government's agent, only contracting officers may execute, modify, or terminate a contract. Moreover, contracting officers may bind the Government only to the extent of the authority delegated in writing to them. All requirements of law and regulation are met prior to executing an action. Sufficient funds are available for obligation.
Contractors receive impartial, fair, and equitable treatment.
Both parties comply with terms of the contract. The interests of the United States are safeguarded. Contracting officers often request advice from specialists in audit, law, engineering, and other fields. However, the contracting officer is solely responsible for the final pricing and other decisions related to a contract. The recommendations and counsel of contributing subject matter experts are advisory.