"V loan" or "Guaranteed loan" means a loan, revolving credit fund, or other financial arrangement made pursuant to Regulation V of the Federal Reserve Board, under which the guaranteeing agency is obligated, on demand of the lender, to purchase a stated percentage of the loan and to share any losses in the amount of the guaranteed percentage.
FAR 32.3 Loan Guarantees for Defense Production.

"Valid time-phased requirements" means material that is-
(i) Needed to fulfill the production plan, including reasonable quantities for scrap, shrinkage, yield, etc.; and
(ii) Charged/billed to contracts or other cost objectives in a manner consistent with the need to fulfill the production plan.
DFARS 252.242-7004 Material Management and Accounting System (Dec 2000) as prescribed in DFARS 242.7204 Contractor Material Management And Accounting System - Contract Clause; and
DFARS 242.7201 Contractor Material Management And Accounting System - Definitions.

"Value engineering" means an analysis of the functions of a program, project, system, product, item of equipment, building, facility, service, or supply of an executive agency, performed by qualified agency or contractor personnel, directed at improving performance, reliability, quality, safety, and life-cycle costs (Section 36 of the Office of Federal Procurement Policy Act, 41 U.S.C. 401, et seq. (sic)).
For use in the clause at 52.248-2, see the definition at 52.248-2(b).
FAR Part 2 - Definitions of Words and Terms.

"Value engineering" is the formal technique by which contractors may (1) voluntarily suggest methods for performing more economically and share in any resulting savings or (2) be required to establish a program to identify and submit to the Government methods for performing more economically. Value engineering attempts to eliminate, without impairing essential functions or characteristics, anything that increases acquisition, operation, or support costs.
FAR 48.1 Value Engineering Policies and Procedures.

"Value engineering," as used in this clause, means an organized effort to analyze the functions of systems, equipment, facilities, services, and supplies for the purpose of achieving the essential functions at the lowest life cycle cost consistent with required performance, reliability, quality, and safety.
FAR 52.248-2 Value Engineering--Architect-Engineer (Mar 1990) as prescribed in FAR 48.201(f).

"Value engineering change proposal (VECP)"--
(1) means a proposal that--
(i) Requires a change to the instant contract to implement; and
(ii) Results in reducing the overall projected cost to the agency without impairing essential functions or characteristics, provided, that it does not involve a change--
(A) In deliverable end item quantities only;
(B) In research and development (R&D) items or R&D test quantities that are due solely to results of previous testing under the instant contract; or
(C) To the contract type only.
(2) For use in the clauses at--
(i) 52.248-2, see the definition at 52.248-2(b); and
(ii) 52.248-3, see the definition at 52.248-3(b).
FAR Part 2 - Definitions of Words and Terms.

"Value engineering proposal," as used in this clause, means, in connection with an A-E contract, a change proposal developed by employees of the Federal Government or contractor value engineering personnel under contract to an agency to provide value engineering services forthe contract or program.
FAR 52.248-2 Value Engineering--Architect-Engineer (Mar 1990) as prescribed in FAR 48.201(f).
FAR Part 48 - Value Engineering.

"Variance" means the difference between a preestablished measure and an actual measure.
FAR 31 Contract Cost Principles and Procedures.

"Vendor" is a commercial enterprise whose purpose in producing a product is to offer it for sale in the marketplace, and not in response to specific program needs. The vendor may also be a contractor of subcontractor who is under contract to modify a commercial item in response to unique program requirements.
Commercial Item Acquisition: Considerations and Lessons Learned, June 26, 2000, p. 3.

"Very Small Business Concern," as used in this clause, means a concern whose headquarters is located within the geographical area served by a designated SBA district (see 13 CFR 125.7(b)); which, together with its affiliates, has no more than 15 employees and has average annual receipts that do not exceed $1 million.
FAR 52.219-5 Very Small Business Set-Aside as prescribed in FAR 19.905; and
FAR 19.001 Small Business Programs Definitions.
[The expiration of the Very Small Business Pilot Program was extended from 30 Sep 2000 to 30 Sep 2003 by Section 503(c) of the Small Business Reauthorization Act of 2000 (HR 5667) (incorporated as Appendix I into the Consolidated Appropriations Act, 2001 (P.L. 106-554)) and implemented by FAC 2001-01 December 21, 2001].

"Veteran of the Vietnam era" means a person who--
(1) Served on active duty for a period of more than 180 days and was discharged or released from active duty with other than a dishonorable discharge, if any part of such active duty occurred--
(i) In the Republic of Vietnam between February 28, 1961, and May 7, 1975; or
(ii) Between August 5, 1964, and May 7, 1975, in all other cases; or
(2) Was discharged or released for a service-connected disability if any part of the active duty was performed--
(i) In the Republic of Vietnam between February 28, 1961, and May 7, 1975; or
(ii) Between August 5, 1964, and May 7, 1975, in all other cases.
FAC 2001-01 December 21, 2001, page 52.2-116, FAR 52.222-35 Affirmative Action for Disabled Veterans and Veterans of the Vietnam Era (Dec 2001).

"Veteran-owned small business concern" means a small business concern--
(1) Not less than 51 percent of which is owned by one or more veterans (as defined at 38 U.S.C. 101(2)) or, in the case of any publicly owned business, not less than 51 percent of the stock of which is owned by one or more veterans; and
(2) The management and daily business operations of which are controlled by one or more veterans.
FAR 52.212-3 Offeror Representations and Certifications--Commercial Items (May 2001) as prescribed in FAR 12.301(b)(2);
FAR 52.219-1 Small Business Program Representations (May 2001) as prescribed in FAR 19.307(a)(1); and
FAR Part 2 - Definitions of Words and Terms.

"Vicinity," as used in this subpart, means the county or counties in which the military installation to be closed or realigned is located and all adjacent counties, unless otherwise defined by the agency head.
DFARS 226.71 Preference for Local and Small Businesses.

"Vietnam Era Veterans Readjustment Assistance Act" provides that any contract in the amount of $25,000 or more entered into by any department or agency for the procurement of personal property and non-personal services (including construction) for the United States, shall contain a provision requiring that the party contracting with the United States shall take affirmative action to employ and advance in employment qualified special disabled veterans, veterans of the Vietnam era and any other veterans who served on active duty during a war or in a campaign or expedition for which a campaign badge has been authorized.
Vietnam Era Veterans' Readjustment Assistance Act (VEVRAA) of 1974 (38 USC 4212) Department of Labor Fact Sheet.
The required provision--with dollar threshold at $10,000--can be found at FAR 52.222-35 Affirmative Action for Disabled Veterans and Veterans of the Vietnam Era (Apr 1998) and with dollar threshold at $25, 000 (effective December 21, 2001) at FAC 2001-01 December 21, 2001.

"Virgin material" means--
(1) Previously unused raw material, including previously unused copper, aluminum, lead, zinc, iron, other metal or metal ore; or
(2) Any undeveloped resource that is, or with new technology will become, a source of raw materials.
FAR Part 2 - Definitions of Words and Terms; and
FAR 52.211-5 Material Requirements (Aug 2000) as prescribed in FAR 11.304.

"VISA." See "Voluntary Intermodal Sealift Agreement."

"Voluntary Intermodal Sealift Agreement (VISA)" provides the Department of Defense (DOD) with assured access to US flag assets, both vessel capacity and intermodal systems, to meet DOD contingency requirements. VISA should eventually replace the current Sealift Readiness Program. This new concept is modeled after DOD's civil reserve air fleet program. Carriers will contractually commit specified portions of their fleet to meet time-phased DOD contingency requirements. A one year prototype was instituted on 1 October 1995. Also called VISA. See also intermodal; intermodal systems; sealift readiness program.
Joint Pub 1-02, DoD Dictionary of Military and Associated Terms; and
DFARS Part 247 - Transportation.

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