Contract Management Flashcards
6 requirements for a binding contract
Mutual Assent, Bargain & Exchange, Competency, Lawful Purpose, Certainty of Terms, & Form Required by Law
Mutual Assent
Both parties agree to the terms of the contract
Bargain & Exchange
Each party receives something of value and gives something of value
Competency
Paries must have the capacity to understand the terms of the contract
Lawful Purpose
Contracts cannot violate or cause others to violate the law or public policy
Certainty of Terms
All requirements and stipulations are known to the contracting parties
Form Required by Law
Parties express the contract in a form as required by law
What does the FAR Govern?
Acquisition process by which the gov’t purchases (acquires) goods and services
What does the DFARS govern?
Read in conjunction with the primary set of rules in the FAR:
- Requirements of law
-DOD-wide policies
-Delegations of FAR authorities
-Deviations from FAR requirements
-Policies/procedures that have a significant effect on the public
Agency Supplements & Acquisition Regulations
An agency may issue or authorize agency acquisition regs that implement or supplement the FAR and incorporate:
- agency policies
- procedures
- contract clauses
- solicitation provisions
- forms that govern the contracting process or otherwise control the relationship between the agency
What is the Contracting Officer (KO or CO) ?
Has the authority to enter into, administer, and/or terminate contracts and make related determinations and Findings
What is the Administrative Contracting Officer (ACO)?
Can be delated additional functions in accordance with the FAR 42-302(b)
What is the Termination Contracting Officer (TCO) responsible for?
Responsible for negotiating an equitable settlement with the contractor. Works exclusively with the DCMA.
What is the Procuring Contracting Officer (PCO) responsible for?
Responsible for the contract until it is completed and closed out.
What are the 5 phases in the contracting process?
Planning, Solicitation, Evaluation, Award, and Post-Award
What is the purpose of the Planning Phase?
1) To determine the capability need
2) Create the requirements package
3) Select the contracting method
4) Identify the contract type
When should you use sealed bidding contracting methods?
When requirements are well defined, award is based on price & related factors, you have time for competition, and you don’t have to discuss bids with bidders
When should you use contracting by negotiation ?
When sealed bidding isn’t appropriate
What are the benefits of fixed priced contracting?
1) cost-surety
2) low-cost risk
3) suitable for well-defined requirements
4) Guarantee delivery
5) Payment after delivery or performance
What are the benefits of cost reimbursement contracts?
1) Suitable for less-defined requirements
2) Gov’t assumes cost risk
3) Compensate for costs incurred
4) Require a RFP solicitation
What are the benefits of indefinite delivery contracts
Combination of fixed price and cost-reimbursement
Where is the solicitation published?
The Govermentwide Point of Entry (GPE) on SAM.GOV
When is an offer considered a proposal or bid?
When the RFP or IFB are sent to the contracting officer
If your method of solicitation is RFP (request for proposal) what is your contracting method?
Fixed Price Contracting
