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Promoting Efficiency, Accountability, and Performance in Federal Contracting

This executive order makes fixed-price contracts the default for federal procurement, requiring written justification and agency-head approval for cost-reimbursement and other non-fixed-price contracts above specified dollar thresholds. It mandates review and renegotiation of agencies' 10 largest non-fixed-price contracts within 90 days, with semi-annual reporting to OMB and proposed amendments to the Federal Acquisition Regulation within 120 days.