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General Services Administration Awarded a Contract to U.S. BANCORP for $700,000,000,000.00
Signed on
8/29/2017, 12:00 AM
U.S. BANCORP Government Contract #GS36FGA001
U.S. BANCORP was awarded a contract with the United States Government for $700,000,000,000.00. The contract was awarded by the agency office GSA/FAS/PSHC/SMARTPAY, which is a division with the Federal Acquisition Service within the General Services Administration.
Summary of Award
The contract in question, referred to by the unique award identifier "CONT_IDV_GS36FGA001_4732", is an indefinite delivery/requirements type of agreement under the category "IDV". An indefinite delivery/requirements contract (IDV) is a versatile contract vehicle that allows the government to issue additional task or delivery orders over a set period. This type of contract provides flexibility to the government to adjust the scope of the procurement based on needs without renegotiating the terms.
The agreement, associated with the PIID GS36FGA001, describes services classified under "SUPPORT- MANAGEMENT: FINANCIAL," indicating a focus on management support services, specifically within the financial domain. This falls under the Product or Service Code (PSC) R710 and the NAICS code 522110, which identifies the provider as engaged in commercial banking activities.
Awarded by the General Services Administration (GSA), through the Federal Acquisition Service (FAS), the contract highlights the government's requirement for substantial financial management support. The GSA, with its mission to deliver value and savings in real estate, acquisition, technology, and other mission-support services, frequently engages with commercial partners to leverage expertise and capacity.
The recipient of this contract is U.S. Bancorp, located in Minneapolis, Minnesota. U.S. Bancorp, a well-known entity in the banking and financial services industry, operates within various financial services areas, including real estate finance, securities custody, trust and asset management, capital markets, and international payments. As a large U.S.-owned corporate entity not tax-exempt, U.S. Bancorp is a significant player with the infrastructure capable of managing extensive service requirements such as those expected by the GSA.
Despite the vast scope symbolized by the "base and all options" potential value capping $700 billion, the total current obligation set at zero indicates that, as of the last update, no funds have been formally obligated under this particular contract. This could imply the contract is structured as a long-term framework agreement where specific task orders initiate funding obligations. It's not uncommon in IDV contracts for the total potential value to reflect maximum allowance, with actual expenditures dictated by subsequent orders.
Evaluation of the bidding process reveals that two offers were received, adhering to full and open competition standards, a hallmark of transparent procurement allowing equal opportunity among potential providers. This competitive environment aligns with federal procurement regulations aimed at ensuring best-value solutions are achieved while maintaining fairness.
Detailing contract characteristics, the pricing strategy employed is "Firm Fixed Price," a common format that ensures payment for specified work regardless of actual incurred costs, thus incentivizing efficiency and cost control. No set-aside program is indicated, which underscores the broad participation invitation extended to entities beyond small businesses.
Notably, the contractual terms do not invoke provisions under programs like the Clinger Cohen Act, which focuses on information technology management, nor do they engage labor standard requirements or interagency contracting authorizations. This suggests a primary focus on straightforward financial management and banking service provisions unencumbered by typical compliance frameworks associated with IT or joint agency initiatives.
An intriguing aspect is the absence of transactions currently in the dataset. This status can signify multiple preparatory or administrative phases of contract execution yet to translate into financial transactions. Moreover, financial terms such as "total outlay" and "buyer account obligations" remain pending, hinting that operational engagements are either nascent or unfolding under iterative planning phases.
The description also mentions engagement parameters such as commercial item acquisition processes, underscoring reliance on established industry products and services rather than bespoke solutions. This reflects practical reliance on ready-made, commercial-service efficiencies.
In examining the period of performance, the contract commenced on August 31, 2017, with a potential extension till November 29, 2025. Such a temporal framework grants extensive time for the establishment and operational maturity of service delivery, allowing incremental development, adjustment to policy shifts, technological advancements, and evolving federal needs.
In summary, this contract between the Federal Government through GSA's FAS and U.S. Bancorp captures a broad, versatile title aimed at substantial management and financial support services, facilitated by a reputable commercial banking partner. The framework demonstrates a long-term commitment to leveraging commercial service capacities, with a potential for vast financial engagements underscored by structured and flexible contracting methodologies. Its success is contingent upon forthcoming task orders translating strategic intents into quantifiable outcomes.
Contract Details
Agency Details
Recipient Details
Comments
Award Transactions
Federal Acquisition Service, a sub agency of General Services Administration, issued a payment of $0.00 to U.S. BANCORP. The payment included a Subsidy Cost of $0.00.
This payment could indicate a change to the existing contract.
Federal Acquisition Service, a sub agency of General Services Administration, issued a payment of $0.00 to U.S. BANCORP. The payment included a Subsidy Cost of $0.00.
This payment could indicate a change to the existing contract.
Federal Acquisition Service, a sub agency of General Services Administration, issued a payment of $0.00 to U.S. BANCORP. The payment included a Subsidy Cost of $0.00.
This payment could indicate a change to the existing contract.
Federal Acquisition Service, a sub agency of General Services Administration, issued a payment of $0.00 to U.S. BANCORP. The payment included a Subsidy Cost of $0.00.
This payment could indicate a change to the existing contract.
Federal Acquisition Service, a sub agency of General Services Administration, issued a payment of $0.00 to U.S. BANCORP. The payment included a Subsidy Cost of $0.00.
This payment could indicate a change to the existing contract.
Federal Acquisition Service, a sub agency of General Services Administration, issued a payment of $0.00 to U.S. BANCORP. The payment included a Subsidy Cost of $0.00.
This payment could indicate a change to the existing contract.
Federal Acquisition Service, a sub agency of General Services Administration, issued a payment of $0.00 to U.S. BANCORP. The payment included a Subsidy Cost of $0.00.
This payment could indicate a change to the existing contract.
Federal Acquisition Service, a sub agency of General Services Administration, issued a payment of $0.00 to U.S. BANCORP. The payment included a Subsidy Cost of $0.00.
This payment could indicate a change to the existing contract.
Federal Acquisition Service, a sub agency of General Services Administration, issued a payment of $0.00 to U.S. BANCORP. The payment included a Subsidy Cost of $0.00.
This payment could indicate a change to the existing contract.
Federal Acquisition Service, a sub agency of General Services Administration, issued a payment of $0.00 to U.S. BANCORP. The payment included a Subsidy Cost of $0.00.
This payment could indicate a change to the existing contract.
Federal Acquisition Service, a sub agency of General Services Administration, issued a payment of $0.00 to U.S. BANCORP. The payment included a Subsidy Cost of $0.00.
This payment could indicate a change to the existing contract.
Federal Acquisition Service, a sub agency of General Services Administration, issued a payment of $0.00 to U.S. BANCORP. The payment included a Subsidy Cost of $0.00.
This payment could indicate a change to the existing contract.
Federal Acquisition Service, a sub agency of General Services Administration, issued a payment of $0.00 to U.S. BANCORP. The payment included a Subsidy Cost of $0.00.
This payment could indicate a change to the existing contract.
Federal Acquisition Service, a sub agency of General Services Administration, issued a payment of $0.00 to U.S. BANCORP. The payment included a Subsidy Cost of $0.00.
This payment could indicate a change to the existing contract.
Federal Acquisition Service, a sub agency of General Services Administration, issued a payment of $0.00 to U.S. BANCORP. The payment included a Subsidy Cost of $0.00.
This payment could indicate a change to the existing contract.
Federal Acquisition Service, a sub agency of General Services Administration, issued a payment of $0.00 to U.S. BANCORP. The payment included a Subsidy Cost of $0.00.
This payment could indicate a change to the existing contract.
Federal Acquisition Service, a sub agency of General Services Administration, issued a payment of $0.00 to U.S. BANCORP. The payment included a Subsidy Cost of $0.00.
This payment could indicate a change to the existing contract.
Federal Acquisition Service, a sub agency of General Services Administration, issued a payment of $0.00 to U.S. BANCORP. The payment included a Subsidy Cost of $0.00.
This payment could indicate a change to the existing contract.
Federal Acquisition Service, a sub agency of General Services Administration, issued a payment of $0.00 to U.S. BANCORP. The payment included a Subsidy Cost of $0.00.
This payment could indicate a change to the existing contract.
Federal Acquisition Service, a sub agency of General Services Administration, issued a payment of $0.00 to U.S. BANCORP. The payment included a Subsidy Cost of $0.00.
This payment could indicate a change to the existing contract.
Federal Acquisition Service, a sub agency of General Services Administration, issued a payment of $0.00 to U.S. BANCORP. The payment included a Subsidy Cost of $0.00.
This payment could indicate a change to the existing contract.
Federal Acquisition Service, a sub agency of General Services Administration, issued a payment of $0.00 to U.S. BANCORP. The payment included a Subsidy Cost of $0.00.
This payment could indicate a change to the existing contract.
Federal Acquisition Service, a sub agency of General Services Administration, issued a payment of $0.00 to U.S. BANCORP. The payment included a Subsidy Cost of $0.00.
This payment could indicate a change to the existing contract.
Federal Acquisition Service, a sub agency of General Services Administration, issued a payment of $0.00 to U.S. BANCORP. The payment included a Subsidy Cost of $0.00.
This payment could indicate a change to the existing contract.
Federal Acquisition Service, a sub agency of General Services Administration, issued a payment of $0.00 to U.S. BANCORP. The payment included a Subsidy Cost of $0.00.
This payment could indicate a change to the existing contract.
Federal Acquisition Service, a sub agency of General Services Administration, issued a payment of $0.00 to U.S. BANCORP. The payment included a Subsidy Cost of $0.00.
This payment could indicate a change to the existing contract.