Reporting of price increases

(a) Reporting of increases above specified prices Chapter 271 of title 10, United States Code, is amended by adding at the end the following new section: 3709. Reporting of increases above specified prices (a) In general An offeror shall be required to report to the relevant contracting officer not later than 30 days after becoming aware that the price of a product or service under a covered contract reaches or exceeds— (1) 25 percent above the price specified in the contract bid or the government paid for that product or service the previous calendar year; or (2) 50 percent above the price paid for such a product or service 5 years earlier. (b) Covered contract defined In this section, the term covered contract means a cost-reimbursement contract awarded without competition under section 3204 of this title and as defined under section 6.302 of the Federal Acquisition Regulation.. (b) Inclusion of noncompliance information in FAPIIS Chapter 271 of title 10, United States Code, as amended by subsection (a), is further amended by adding at the end the following new section: 3710. Inclusion of noncompliance information in Federal Awardee Performance and Integrity Information System The Director of the Defense Contract Audit Agency or the relevant service acquisition executive shall report in the Federal Awardee Performance and Integrity Information System (FAPIIS) housed within the System for Award Management the following information: (1) Contractors who fail to report price increases as required under 3705(a)(2) of this title. (2) Updated findings from audits conducted by the Agency regarding noncompliance with the requirement. (3) With respect to unreported product or service price increases, the product or service’s National Stock Number, order quantity, unit cost, total cost, purchasing or reimbursing entity, and date of the order..