What does the Procurement Instrument Identifier (PIID) signify?

The Procurement Instrument Identifier (PIID) is a critical component in contract management and signifies an identifier that includes key details about a procurement, specifically the department involved and the fiscal year in which the procurement takes place. This structured format allows for effective tracking and management of contracts, helping to distinguish different awards made by the same agency in various fiscal years.

The PIID plays an essential role in ensuring that contracts are properly cataloged and identified within federal procurement systems. By including information such as the department and fiscal year, it provides context that can help stakeholders understand the background and timing of the contract, which is vital for record-keeping, audits, and compliance with federal procurement regulations.

Understanding the significance of the PIID promotes transparency and accountability in government contracting, allowing for easier access to information about past procurements and facilitating the management of current contracts.