SEC awards $188.5K contract for expert witness services to INTEGRA FEC LLC, citing no competition

Contract Overview

Contract Amount: $188,511 ($188.5K)

Contractor: Integra FEC LLC

Awarding Agency: Securities and Exchange Commission

Start Date: 2023-04-25

End Date: 2026-04-09

Contract Duration: 1,080 days

Daily Burn Rate: $175/day

Competition Type: NOT COMPETED

Number of Offers Received: 1

Pricing Type: TIME AND MATERIALS

Sector: Other

Official Description: EXPERT WITNESS SERVICES

Place of Performance

Location: AUSTIN, TRAVIS County, TEXAS, 78701

State: Texas Government Spending

Plain-Language Summary

Securities and Exchange Commission obligated $188,511.14 to INTEGRA FEC LLC for work described as: EXPERT WITNESS SERVICES Key points: 1. Contract awarded to INTEGRA FEC LLC for expert witness services. 2. Total contract value is $188,511.14. 3. The contract was not competed, raising potential concerns about price discovery. 4. Services fall under 'Other Scientific and Technical Consulting Services'.

Value Assessment

Rating: questionable

The contract is a Time and Materials (T&M) type, which can lead to cost overruns if not managed carefully. Benchmarking T&M contracts for specialized expert witness services is difficult without more detailed scope information.

Cost Per Unit: N/A

Competition Analysis

Competition Level: sole-source

The contract was not competed, indicating a sole-source award. This limits price discovery and may result in higher costs than if competitive bids were solicited.

Taxpayer Impact: Taxpayer funds are being used for this contract. The lack of competition means there's a risk of overpayment compared to a competitive scenario.

Public Impact

Expert witness services are crucial for legal proceedings, ensuring specialized knowledge is available to the SEC. The SEC relies on such services to support its enforcement and regulatory actions. The use of taxpayer funds necessitates careful scrutiny of contract awards, especially sole-source ones.

Waste & Efficiency Indicators

Waste Risk Score: 50 / 10

Warning Flags

Lack of competition
Time and Materials contract type

Positive Signals

Specific expertise for SEC needs
Defined contract duration

Sector Analysis

This contract falls under professional services, specifically technical consulting. Benchmarks for expert witness services can vary widely based on the specialization and duration required.

Small Business Impact

The contract was not awarded to a small business. Further analysis would be needed to determine if small businesses could have provided these specialized services.

Oversight & Accountability

Oversight is needed to ensure the Time and Materials contract does not exceed its value due to the lack of competitive pressure. The SEC should monitor the hours and rates billed.

Related Government Programs

Other Scientific and Technical Consulting Services
Securities and Exchange Commission Contracting
Securities and Exchange Commission Programs

Risk Flags

Sole-source award
Time and Materials contract type
Potential for cost overruns
Lack of price competition

Frequently Asked Questions

What is this federal contract paying for?

Securities and Exchange Commission awarded $188,511.14 to INTEGRA FEC LLC. EXPERT WITNESS SERVICES

Who is the contractor on this award?

The obligated recipient is INTEGRA FEC LLC.

Which agency awarded this contract?

Awarding agency: Securities and Exchange Commission (Securities and Exchange Commission).

What is the total obligated amount?

The obligated amount is $188,511.14.

What is the period of performance?

Start: 2023-04-25. End: 2026-04-09.

What is the justification for not competing this expert witness services contract, and how was the price determined to be fair and reasonable?

The justification for not competing the contract is not provided in the data. Typically, sole-source awards require a justification citing specific circumstances, such as unique capabilities or urgent needs. Without this, it's difficult to assess price reasonableness, though the agency is obligated to ensure fair and reasonable pricing even in sole-source situations.

What are the specific risks associated with a sole-source Time and Materials contract for expert witness services?

The primary risks include potential cost overruns due to the T&M structure, where costs increase with time and materials used. A sole-source award eliminates competitive pressure, which could lead to inflated pricing. There's also a risk that the required expertise might be available from other sources at a lower cost if competition were allowed.

How effective is the SEC in managing sole-source contracts to ensure value for taxpayer money?

Effectiveness in managing sole-source contracts varies. The SEC, like any agency, must implement robust oversight mechanisms, including detailed review of invoices, monitoring of performance against scope, and regular price reasonableness checks. The success hinges on the agency's internal controls and the diligence of contracting officers in preventing waste and ensuring necessary services are obtained at fair prices.

Industry Classification

NAICS: Professional, Scientific, and Technical Services › Management, Scientific, and Technical Consulting Services › Other Scientific and Technical Consulting Services

Product/Service Code: SUPPORT SVCS (PROF, ADMIN, MGMT) › PROFESSIONAL SERVICES

Competition & Pricing

Extent Competed: NOT COMPETED

Solicitation Procedures: ONLY ONE SOURCE

Solicitation ID: ERF-803

Offers Received: 1

Pricing Type: TIME AND MATERIALS (Y)

Evaluated Preference: NONE

Contractor Details

Address: 1801 LAVACA ST STE 101, AUSTIN, TX, 78701

Business Categories: Category Business, Corporate Entity Not Tax Exempt, Limited Liability Corporation, Self-Certified Small Disadvantaged Business, Small Business, Special Designations, U.S.-Owned Business

Financial Breakdown

Contract Ceiling: $188,511

Exercised Options: $188,511

Current Obligation: $188,511

Actual Outlays: $188,511

Contract Characteristics

Commercial Item: COMMERCIAL PRODUCTS/SERVICES PROCEDURES NOT USED

Cost or Pricing Data: NO

Timeline