What does Position 9 of a PIID indicate?

What does Position 9 of a PIID indicate?

• A. The total cost of the contract
• B. The type of procurement instrument
• C. The fiscal year of issue
• D. The duration of the contract

Answer: (B)

Position 9 of a Procurement Instrument Identifier (PIID) indicates the type of procurement instrument. This provides essential information about the nature of the contract or agreement being issued, distinguishing between different types of contracts such as indefinite delivery vehicles, fixed-price contracts, cost-reimbursement contracts, and various agreements related to procurement. Understanding the designation in Position 9 is crucial for procurement professionals as it helps clarify the contractual framework and the terms associated with the procurement efforts, facilitating better contract management and alignment with procurement strategies.

Position 9 of a Procurement Instrument Identifier (PIID) indicates the type of procurement instrument. This provides essential information about the nature of the contract or agreement being issued, distinguishing between different types of contracts such as indefinite delivery vehicles, fixed-price contracts, cost-reimbursement contracts, and various agreements related to procurement.

Understanding the designation in Position 9 is crucial for procurement professionals as it helps clarify the contractual framework and the terms associated with the procurement efforts, facilitating better contract management and alignment with procurement strategies.