SEC Awards $5.46M for Electronic Security System Phase Two to Signet Technologies

Contract Overview

Contract Amount: $5,457,455 ($5.5M)

Contractor: Signet Technologies, Inc.

Awarding Agency: Securities and Exchange Commission

Start Date: 2023-09-21

End Date: 2026-04-15

Contract Duration: 937 days

Daily Burn Rate: $5.8K/day

Competition Type: FULL AND OPEN COMPETITION

Pricing Type: TIME AND MATERIALS

Sector: IT

Official Description: ELECTRONIC SECURITY SYSTEM PHASE TWO

Place of Performance

Location: BELTSVILLE, PRINCE GEORGES County, MARYLAND, 20705

State: Maryland Government Spending

Plain-Language Summary

Securities and Exchange Commission obligated $5.5 million to SIGNET TECHNOLOGIES, INC. for work described as: ELECTRONIC SECURITY SYSTEM PHASE TWO Key points: 1. Contract value of $5.46M for electronic security systems. 2. Signet Technologies, Inc. is the sole awardee. 3. Contract type is Time and Materials. 4. The contract supports Automatic Environmental Control Manufacturing.

Value Assessment

Rating: fair

The contract is a BPA Call, suggesting it's part of a larger agreement. Without specific benchmarks for similar electronic security systems under Time and Materials contracts, a precise value assessment is difficult. The $5.46M total value needs further breakdown by labor categories and material costs for a thorough evaluation.

Cost Per Unit: N/A

Competition Analysis

Competition Level: full-and-open

The contract was awarded under full and open competition, which is positive for price discovery. However, the award mechanism is a BPA Call, which might limit the scope of competition for this specific task order compared to a standalone solicitation.

Taxpayer Impact: The competitive nature of the award is intended to ensure fair pricing, but the Time and Materials structure requires careful monitoring to prevent cost overruns and ensure taxpayer funds are used efficiently.

Public Impact

Enhances security infrastructure for the Securities and Exchange Commission. Supports environmental control systems, potentially impacting energy efficiency. The contract duration extends over 2.5 years, indicating a significant project.

Waste & Efficiency Indicators

Waste Risk Score: 50 / 10

Warning Flags

Time and Materials contract type can lead to cost overruns if not closely managed.
Lack of specific performance metrics in the provided data.
Potential for scope creep with an ongoing BPA.

Positive Signals

Awarded under full and open competition.
Supports critical infrastructure for a federal agency.
Clear end date for project completion.

Sector Analysis

This contract falls within the IT and potentially facilities management sectors, focusing on electronic security systems. Benchmarks for similar security system installations and maintenance contracts vary widely based on complexity and technology, but $5.46M for a multi-year phase suggests a substantial undertaking.

Small Business Impact

The data indicates that this contract was not awarded to small businesses, as the 'sb' field is false. Further analysis would be needed to determine if small business participation was solicited or subcontracted.

Oversight & Accountability

The Securities and Exchange Commission is responsible for overseeing this contract. Standard oversight procedures for Time and Materials contracts should be in place, including regular reviews of invoices, labor hours, and material costs to ensure compliance and prevent waste.

Related Government Programs

Automatic Environmental Control Manufacturing for Residential, Commercial, and Appliance Use
Securities and Exchange Commission Contracting
Securities and Exchange Commission Programs

Risk Flags

Time and Materials contract type.
Lack of detailed performance metrics.
Potential for cost overruns.
BPA Call award mechanism may limit direct competition for this specific task.

Frequently Asked Questions

What is this federal contract paying for?

Securities and Exchange Commission awarded $5.5 million to SIGNET TECHNOLOGIES, INC.. ELECTRONIC SECURITY SYSTEM PHASE TWO

Who is the contractor on this award?

The obligated recipient is SIGNET TECHNOLOGIES, INC..

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 $5.5 million.

What is the period of performance?

Start: 2023-09-21. End: 2026-04-15.

What specific security threats or needs does Phase Two address that justify the $5.46M investment?

The provided data does not detail the specific security threats or needs addressed by Phase Two. A thorough analysis would require reviewing the contract's SOW (Statement of Work) and any associated threat assessments. Understanding the criticality and scope of the security enhancements is essential to validate the investment's value and ensure it aligns with the SEC's overall security posture and risk management strategy.

What are the key performance indicators (KPIs) for this contract, and how will their achievement be measured to mitigate performance risk?

Key performance indicators (KPIs) are not explicitly detailed in the provided data. For a Time and Materials contract, performance risk is often mitigated through rigorous oversight of labor hours, material costs, and adherence to the Statement of Work. Establishing clear, measurable KPIs related to system uptime, response times, and successful threat mitigation would provide a more robust framework for assessing contractor performance and ensuring effective security outcomes.

How does the chosen Time and Materials contract type balance flexibility with cost control for this electronic security system project?

The Time and Materials (T&M) contract type offers flexibility, allowing for adjustments as project requirements evolve, which can be beneficial for complex security system installations. However, it inherently carries a higher risk of cost overruns if not meticulously managed. Effective cost control relies on stringent oversight of labor rates, hours, and material markups, alongside clear task order limitations and regular performance reviews to ensure the $5.46M award remains within reasonable bounds and delivers expected value.

Industry Classification

NAICS: Manufacturing › Navigational, Measuring, Electromedical, and Control Instruments Manufacturing › Automatic Environmental Control Manufacturing for Residential, Commercial, and Appliance Use

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

Competition & Pricing

Extent Competed: FULL AND OPEN COMPETITION

Solicitation Procedures: SUBJECT TO MULTIPLE AWARD FAIR OPPORTUNITY

Pricing Type: TIME AND MATERIALS (Y)

Evaluated Preference: NONE

Contractor Details

Address: 12300 KILN CT STE E, BELTSVILLE, MD, 20705

Business Categories: Category Business, Corporate Entity Not Tax Exempt, Not Designated a Small Business, Special Designations, U.S.-Owned Business

Financial Breakdown

Contract Ceiling: $5,457,455

Exercised Options: $5,457,455

Current Obligation: $5,457,455

Actual Outlays: $5,184,164

Contract Characteristics

Commercial Item: COMMERCIAL PRODUCTS/SERVICES

Parent Contract

Parent Award PIID: 50310222A0008

IDV Type: BPA

Timeline