Glossary term
Sources Sought Notice
A market research notice used to identify potential vendors and determine whether a small-business set-aside is justified.
A sources sought notice asks capable firms to identify themselves and describe their capabilities and business size. The responses directly determine whether the agency sets the acquisition aside — under the Rule of Two, a reasonable expectation of at least two capable small businesses at fair market prices requires a set-aside. Not responding to a sources sought is how small businesses lose set-asides before the solicitation even exists.
Categories
- solicitation
- capture
- set-asides
Related terms
- Rule of TwoThe requirement to set an acquisition aside for small business when at least two capable small businesses are expected to bid at fair prices.
- Request for Information (RFI)A market research notice asking industry for information; it is not a solicitation and no award results from it.
- Market ResearchThe FAR-required process by which agencies determine whether commercial items and capable sources exist before soliciting.