Procurement

Question 1

Types of Contracts

Answer 1

1. Fixed Price Contracts
   Fixed price for a defined piece of scope. Used when requirements are well defined.
   a) firm fixed price
   b) fixed price incentive fee (price ceiling)
   c) fixed price with economic price adjustments (project done over multiple years, payment done in different currency, etc.)
2. Cost Reimbursable Contracts
   Involves payments to the seller for legitimate costs. Good for scope changing projects.

a) cost plus fixed fee
b) cost plus incentive fee
c) cost plus award fee

3. Time and Materials Contracts

Question 2

Advertising vs. Bidder Conferences

Answer 2

Bidder Conference: contractor/vendor conferences. Meetings between the buy and all perspective sellers. This helps avoid preferential treatment.

Advertising: advertise in local media.

Question 3

Claims Administration

Answer 3

Prevent Claims
Mitigate Claims
Pursue Claims
Resolve Claims