What is the aggregate amount threshold for simplified acquisition procedures according to FAR Part 13?

The correct answer is $7.5 million. This threshold for simplified acquisition procedures is established in the Federal Acquisition Regulation (FAR) Part 13, which is designed to streamline the procurement process for acquisitions that are less complex and lower in value. Simplified acquisition procedures help reduce the administrative burden on both federal agencies and contractors, making it easier and quicker to procure goods and services.

The $7.5 million threshold applies to most purchases, although there are instances where the threshold can be higher. For example, certain types of acquisitions, like those involving construction or services, have even higher specific thresholds. The intent behind establishing such a high threshold is to facilitate quicker acquisitions while still maintaining some level of oversight and control.

Understanding this threshold is critical for contracting professionals as it influences the approach to procurement strategies and determines which FAR clauses and requirements apply to specific contracts. Monitoring changes to this threshold is also essential, as updates may occur based on economic factors or legislative changes.