Term -Instant contract

Instant contract means the contract under which the Value Engineering Change Proposal (VECP) is submitted. It does not include increases in quantities after acceptance of the Value Engineering Change Proposal (VECP) that are due to contract modifications, exercise of options, or additional orders. If the contract is a multiyear contract, the term does not include quantities funded after Value Engineering Change Proposal (VECP) acceptance. In a fixed-price contract with prospective price redetermination, the term refers to the period for which firm prices have been established.

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