GovCon Acronym Decoder
Government contracting runs on shorthand. Search any acronym and get a plain-English definition, when you will run into it, whether you need one, and where it comes from.
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2 of 172 terms matching "MPT"
Micro-Purchase Threshold
The dollar level below which the government can buy with a purchase card and minimal process.
When you see it
On very small purchases made with a government purchase card.
Do you need it
It is a great entry point for a first federal transaction and first past performance.
Where it comes from
FAR Part 2 and Part 13.
Micro-Purchase Threshold
The dollar level below which the government can buy with a purchase card and minimal process.
When you see it
On very small purchases made with a government purchase card.
Do you need it
It is a great entry point for a first federal transaction and first past performance.
Where it comes from
FAR Part 2 and Part 13.
Prompt Payment Act
The law requiring the government to pay a proper invoice within a set number of days (usually 30) or owe interest.
When you see it
In your contract's payment clause.
Do you need it
Know your clock and track it. Interest accrues automatically on late payments.
Where it comes from
31 U.S.C. Chapter 39, FAR Subpart 32.9.
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