Regulation & law · 14/10/2014

DoD, GSA, and NASA Issue Final Rule on Removal of OFPP Pamphlet No. 7 and Updates to Irrevocable Letter of Credit Regulations

The Department of Defense (DoD), General Services Administration (GSA), and National Aeronautics and Space Administration (NASA) have issued a final rule amending the Federal Acquisition Regulation (FAR) to eliminate references to the Office of Federal Procurement Policy (OFPP) Pamphlet No. 7, 'Use of Irrevocable Letters of Credit'. The rule also updates the sources of data required to verify the creditworthiness of financial entities issuing or confirming irrevocable letters of credit (ILCs).