Regulation & law · 07/05/2013

DoD, GSA, and NASA Propose Amendments to Federal Acquisition Regulation to Remove References to Irrevocable Letters of Credit

The Department of Defense (DoD), General Services Administration (GSA), and National Aeronautics and Space Administration (NASA) are proposing to update the Federal Acquisition Regulation (FAR) to remove references to the Office of Federal Procurement Policy (OFPP) Pamphlet No. 7, which deals with the use of irrevocable letters of credit, and provide updated sources for verifying the creditworthiness of financial entities issuing or confirming these letters.