Final answer:
The requirement to synopsize a proposed contract action is part of the government contracting process mandated by the FAR, aimed at increasing competition by providing a summary of the contract to potential vendors. Synopsizing is typically required for contract actions above a set dollar threshold to ensure transparency and fairness, except in specific exempted circumstances.
Step-by-step explanation:
When you are required to synopsize a proposed contract action, it typically means you must provide a synopsis or summary of a forthcoming contract action to potential vendors and the public. This is a common requirement in government contracting, where agencies are mandated to provide a fair opportunity for businesses to participate in bidding for government contracts. The Federal Acquisition Regulation (FAR) outlines the occasions in which contracting officers must publicize contract opportunities. These instances generally include actions over a certain dollar threshold, unless exempted by the FAR. Synopsizing allows for increased competition, fairness, and transparency in the contracting process.
For example, synopsizing would be required when the U.S. government plans to award a contract that exceeds the simplified acquisition threshold (which is usually set at a specific dollar amount) and would be published on platforms such as SAM.gov (formerly known as FedBizOpps). Additionally, there are certain circumstances where synopsizing may not be required, such as in the case of sole-source procurements or in urgent and compelling circumstances where immediate contract award is necessary and waiting for the synopsizing period would not be in the public interest.