Bootcamp Day 1 (Govt as customer) Flashcards
(13 cards)
Contractors are required to submit….
“current, complete and accurate” cost or pricing data during negotiations of sole source contracts greater than $700,000.
what is FAR?
body of regulations implementing statutes governing U.S. Government procurement.
what should be done for disclosure of cost or pricing data
should be documented, dated and initialed by both parties. Negotiation notes should be complete and understandable.
Some agencies such as NASA, Department of Defense and Department of Energy, also have supplemental regulations. – Those applicable to the Department of Defense are known as
D-FARS
GAAP? acronym/def
Generally Accepted Accounting Principles
- The conventions, rules and procedures necessary to define accepted accounting practice at a particular time
Financial certifications/documents…
- Disclosure statement
- Certificate of current cost or pricing data (proposal/estimate and negotiation)
- Certificate of current cost or pricing data for interim billing overhead and G&A rates (only allowable costs)
- Certificate of current cost or pricing data for final overhead rate certification (after closing books)
- Certify invoice on progress payment
different contract types?
- Sealed bid vs. negotiated
- Firm fixed price (FFP)
- FFP with economic price adjustments
- FFP with incentives
- FFP level of effort
- Cost plus fixed fee (CPFF)
- Cost plus incentive fee (CPIF)
- Cost plus award fee (CPAF)
- Time and material (T & M)
- Letter contract
- Basic Ordering Agreement (BOA
different contracting officers
- Generally there are three contracting officers: – Procurement C.O. (PCO) – Administrative C.O. (ACO) – Termination C.O.(TCO) – All powers may be given to one C.O.
role of PCO (procuring contracting officer)
- Responsible for solicitation and award of the contract
- May retain some administrative authority of K award, but it generally goes to ACO
- Retains authority for additional funding for cost growth, or change order which increase funding of the K
- Defective pricing is a PCO determination
- Often ACO cannot act without coordinating with and getting approval of PCO
- Contractors should keep good working relationships with both
role of Administrative Contracting Officer (ACO)
- Has general administrative authority and special restrictions – Reviews contractor’s compensation structure – Reviews cost estimating practices used in proposals
- Are they consistent with cost accumulation and reporting practices? * Reviews insurance plan * Reviews requests for progress payments
- Determines allow ability of costs suspended or disapproved on a DCAA Form 1
- Approves final voucher
Role of Termination Contracting Officer
- Settles termination claims – The using or requiring activity prompts the termination, but the TCO handles the negotiation of the termination claim
role of DCMC?
– Incorporates the old “DCAS” (Defense Contract Administration Services) of the various armed services with the contract management function of the Defense Logistics Agency.
- All administration of defense contracts are now handled by DCMC.
- All ACOs, military or civilian, are part of DCMC.
- Defense Contract Management Command (DCMC)
- DCMC is a command within the Defense Logistics Agency.
- DLA reports to the Secretary of Defense – DCMC performs functions such as:
- Price and cost analysis
- Monitoring government furnished equipment
- Reviewing termination claims
- Pre-award survey
role of DCAA?
Defense Contract Audit Agency (DCAA ) Performs audits ranging from the proposal stage to the close-out phase
* Audits for fraud, defective pricing, verification of invoices, overhead rate determinations
* Makes audit findings and only recommends to the PCO or ACO
* Final decisions are made by the ACO or PC
