Can we award for less than the amount of what we solicited for? Is this something we convey at time of award or through a modification after award?
Yes, an award may be made for less than the Solicited Amount, by first applying FAR 15.206 (a).
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Can an Award be made for Less Than the Solicited Amount?
First, read FAR 15.206 in its entirety, with an emphasis on 15.206(a). When, either BEFORE or AFTER receipt of proposals, the Government changes its requirements or terms and conditions the Contracting Officer SHALL amend the
Additionally, to answer your specific question, read FAR 15.504 (a) & (b) Award to successful offeror.
Recommend you study FAR 32.7 Contract Funding with an emphasis on 32.702 and 32.703, including the references to FAR 52.232-18 Availability of Funds. Also review DFARS 232.7 Contract Funding to determine applicability for this procurement.
Consider the possibility of a Base Contract for the 80% award, with option(s) to be exercised when funding is confirmed, in accordance with FAR 52.217-5, 52.217-6 or 52.217-7.