What is The Truth in Negotiations Act (TINA)? What role does this legislation play in contract pricing/contract management? Where would TINA be most applicable/appropriate?
What is The Truth in Negotiations Act (TINA)?
The Truth in Negotiations Act is a federal law that was enacted on September 10, 1962 with the purpose of protecting the government from defective pricing when negotiating sole source, non-competitive contracts with an award worth $650,000 or more. This law requires the contractor to submit cost or pricing data that has been certified to be accurate, current and complete as of the date of agreement on price. In order for a company to conduct business with the U.S. government, they must be incompliance with TINA by gathering all relevant cost and pricing data, making proper disclosures regarding cost or pricing data to the customer and retaining proper documentation of this data and how it was disclosed to the customer. Certification of data under TINA involves a two-phase ...
The Truth in Negotiations Act is examined. The role that legislation plays in contract pricing/contract management is determined.