ABC National has published a new four-page guide for complying with new federal acquisition regulations (FAR) rules requiring certain federal contractors and subcontractors to have a written code of business ethics and conduct within 30 days of the contract award.
The new rule requires federal contractors and subcontractors who enter into at least one government contract “expected to exceed” $5 million with a performance period of 120 days or more to meet specific ethics and compliance-oriented requirements, including a formal code of business ethics and conduct, and display of the Office of the Inspector General’s fraud hotline poster.
The guide explains the new rule and provides detailed answers to common questions regarding compliance with the rule. In addition, the guide offers resources to help members develop a code of business ethics and conduct that complies with the rule.
ABC members should note that the association has solicited feedback from the General Services Administration (GSA) concerning the guide and is still waiting for GSA’s response. While ABC does not anticipate the need to revise the guidance provided, should that be necessary based on GSA’s feedback, a revised guidance document will be published by ABC. Because of the regulations required ongoing compliance, ABC recommends that members consult with their legal counsel before finalizing their code.
For more information, contact Bob Hirsch at ABC, email hirsch@abc.org.