Manage Subcontract/ Close out Contract Flashcards
T/F: It is the Government’s policy to award all opportunities in its acquisitions to SB, VOSB, SDVOSB, HUBZone small business, SDB, and WOSB concerns.
false; It is the Government’s policy to provide maximum practicable opportunities in its acquisitions to SB, VOSB, SDVOSB, HUBZone small business, SDB, and WOSB concerns.
Each solicitation of offers (RFP) or invitation for bids (IFB) shall require the apparently successful offeror or the bidder selected for award to submit an acceptable subcontracting plan if…
-Contract is expected to exceed $750,000
-The potential contract has subcontracting possibilities
What is the length of time a SAP contract should be closed within after physical completion & payment?
immediately
What is the length of time Contractors must retain contract files?
3 years
What is the length of time a FFP contract should be closed within after physical completion?
6 months
What is the length of time contracts requiring settlement of rates should be closed.
36 months
what forms do contracting officers need to complete in order to ensure all required contract actions have been satisfactorily accomplished?
DD Form 1597
What is the form for contract completion statement?
DD Form 1594
Agencies are required to hold contract files in the office responsible for maintaining them for a period of
12 months
The ____ _____ _____ is responsible for initiating administrative closeout of the contract after receiving evidence of its physical completion.
contract administration office
A(n) _________________ allows a system to initiate and execute the closeout action.
automatic closeout
A(n) _________________ is when the CO/KO responsible for contract closeout negotiates the closeout settlement.
quick closeout
T/F: when contract value does not exceed $500,000, this qualifies for a quick closeout
true
