The General Services Administration (GSA) recently issued a Final Rule as part of its long-term aim to modernize reporting for cost and price data related to government-wide contracts, such as Federal Supply Schedules. Under the Final Rule, federal government contractors will be required to electronically submit monthly transactional data reports on orders made through certain government-wide contracts, including descriptions, part numbers, quantities and prices paid.

This Final Rule introduces a new contract clause titled “Transactional Data Reporting Clause” on a pilot basis, and is just the first in what the GSA expects may be multiple steps to streamline cost and price data reporting obligations. Under the Final Rule – which existing Schedule holders may incorporate into their contracts on a voluntary basis – participating vendors who report the required transactional data will be exempt from making additional reports under the Commercial Sales Practices or Price Reduction clauses, two clauses that have caused headaches and significant compliance problems for Schedule holders in recent years. After universal adoption of the new clause, the GSA expects vendors to save an aggregate $29 million per year in reduced compliance costs, while itself improving acquisition through the collection of cost and price data that is both more accurate and more relevant to its own purchasing decisions.

The Final Rule is being rolled out on a limited basis, and will initially apply only to selected Schedules for facility management, hardware, audio technology, furnishings, food service, cleaning supplies, office products, professional engineering services and IT equipment. Although the clause will apply to all new contracts awarded under these Schedules, existing Schedule holders have the option to participate in the pilot program on a voluntary basis.