Difference between revisions of "Truth In Negotiations Act (TINA) - A Disclosure Rule"
(Created page with "==Background== The Truth-in-Negotiations Act (TINA) was enacted in 1962 to place the government on equal footing in negotiating sole source contract prices with government co...") |
Revision as of 09:22, 15 February 2023
Background
The Truth-in-Negotiations Act (TINA) was enacted in 1962 to place the government on equal footing in negotiating sole source contract prices with government contractors. This is accomplished by requiring contractors to provide (the government) with all the information that would affect price negotiations between a prudent and reasonable buyer and seller.
Prior to 1962, businesses submitting bids to the government were not held to any substantial requirement for disclosing all relevant cost or pricing information to the government prior to the conclusion of negotiations. Government agencies later discovered that bids were not always based on the best information available to the company at the time of negotiations and consequently resulted in inflated contract price awards. In other words the contractor held back information that would have materially affected negotiations had the government known the same information.
The Act’s name has been changed to the Truthful Cost or Pricing Data (TCoPD) however as the acronym of TCoPD is not as easy as TINA, most people still refer to the requirements as TINA.
