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The Brooks Act, also known as the Selection of Architects and Engineers statute is a United States federal law passed in 1972 that requires that the U.S. Federal Government select engineering and architecture firms based upon their competency, qualifications and experience rather than by price.
The method described would be to evaluate all possible candidates and narrow them down to the three best choices. Then the selection process would commence negotiations with the firm deemed most qualified. If the State and firm are unable to agree on a fair and equitable price for their services, the State would then cease talks with that firm and move to the firm deemed second most qualified. If the State would be unable to agree with that firm, they would move to the third in a similar fashion. If the State is unable to agree on a price with that firm, they would be required to open up their selection criteria to more firms.
While the intent is for the State to select the firm that is most qualified and should produce the best results as a result of this fact, there remains the potential to still make a selection based upon price. If you cannot reach a "Fair & Reasonable Price" vs. your estimate, you move on to the next best technical proposal.
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A stockbroker is an individual or company that buys and sells stocks and other investments for a financial market participant in return for a commission, markup, or fee. In most countries they are regulated as a broker or broker-dealer and may need to hold a relevant license and may be a member of a stock exchange. They generally act as a financial advisor and investment manager. In this case they may also be licensed as a financial adviser such as a registered investment adviser.
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ACASS, or Architect-Engineer Contract Administration Support System, was developed in 1975, in response to The 1972 Brooks Architect-Engineer Act, Public Law 92–582. The Brooks Act requires the public announcement of requirements for A–E services by Federal agencies ; selection of the most highly qualified firms based on demonstrated competence and professional qualifications; and the negotiation of a fair and reasonable price, starting with the highest qualified firm. Hence, the selection of A–E contractors is focused on qualifications, and not the lowest price. ACASS supports procedures defined in Part 36 of the Federal Acquisition Regulations (FAR).
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