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ACQ 1010 Fundamentals of Systems Acquisition Management > Module 6 - Contract Management > Flashcards

Module 6 - Contract Management Flashcards

1
Q

Six Essential elements of a Contract

A

Mutual Assent

Bargain and Exchange

Competency

Lawful purpose

Certainty of Terms

Form Required by Law

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2
Q

Essential elements of a Contract: Mutual Assent

A

Both parties agree to the terms of the contract

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3
Q

Essential elements of a Contract: Bargain and Exchange

A

Each party receives and gives something of value

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4
Q

Essential elements of a Contract: Competency

A

Parties must have the capacity to understand the terms of the contract

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5
Q

Essential elements of a Contract: Lawful purpose

A

Contracts cannot violate or cause others to violate the law or public policy

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6
Q

Essential elements of a Contract: Certainty of Terms

A

All requirements and stipulations are known to the contracting parties

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7
Q

Essential elements of a Contract: Form Required by Law

A

Parties express the contract in a form required by law

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8
Q

Contracting Officer (CO / KO)

A

Has authority to enter into, administer, and terminate contracts, as well as make related determinations and findings

May be appointed to a contracting role including Procuring, Administrative, and Termination

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9
Q

Administrative Contracting Officer (ACO)

A

Perform contract administartion functions on high-dollar supply contracts as delegated by the Procurring Contracting Officer (PCO)

FAR 42.302(a) lists normal ACO functions

FAR 42.302(b) list additional functions

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10
Q

Termination Contracting Officer (TCO)

A

Negotiates an equitable settlement with the contractor after the Procuring Contracting Officer (PCO) issues a notice of termination.

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11
Q

Procuring Contracting Officer (PCO)

A

Handles the procurments from the pre-solicitation phase through contract award to include contract signing on behalf of the Government

After signing contract normally assigned to ACO but PCO maintains overall responsibility until contract is completed and closed out

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12
Q

Five phases of Contract Process

A

Planning

Solicitation

Evaluation

Award

Post-Award

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13
Q

Key Steps in Contract Planning Phase

A

Determine the Capability Need

Create the Requirements Package

Select the Contracting Method

identify the Contract Type

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14
Q

Contents of Requirements Package

A

Described in FAR 11.1

Performance/Detail Specifications

Statement of Work

Purchas Description

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15
Q

When to Use Sealed Bidding

A

Requirements are well-defined.

Award is based on price and related factors.

There is time for competition.

Can not discuss bids with bidders

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16
Q

Two Contracting Methods

A

Sealed Bidding

Contracting by negotiations

17
Q

Contract Types

A

Fixed Price
Cost Reimbursement
Indefinite Delivery
Time and Material
Labor Hours
Letters

18
Q

Fixed Price Contracts

A

Cost-surety

low-cost risk

Suitable for well-defined requirements

guarantee delivery

Payment after delivery or performance

19
Q

Cost Reimbursement Contracts

A

High risk

Suitable for less defined requirements

Government assumes cost risk

Compensate for costs incurred

Require an RFP

20
Q

Formal Selection Process Steps

A

KO issues the RFP

Source Selction Evaluation Board (SSEB) uses eval criterial to eval each proposal

Source Selection Advisory Council (SSAC) uses SSEB results to compare all propsals

SSAC makes recommendation to Source Selection Authority (SSA)

SSA decision is sent to KO who signs and awards contract

21
Q

Defense Contract Management Agency

A

Roles defined in FAR 42.302

Provides Contort Administrative Services

  • Contract Management

-Quality Assurance

  • Engineering
  • Production and Industrial Resources
  • Supply Chain Analysis
22
Q

Roels of Defense Finance and Accounting Service (DFAS)

A

Responsible for timely payment of contracts

23
Q

Role of Defense Contract Audit Agency (DCAA)

A

Performs contract audit services

Finacial advisory services related to:
- Negotiating
- Administering
- Closing

24
Q

Privity of Contract

A

Legal relationship between parties established by a contract

Govenrment only has a relationship with the prime, not subcontractors

ACQ 1010 Fundamentals of Systems Acquisition Management (10 decks)

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