Back to the Basics
What’s Your Type?
Risky Business
FAR Out
Groovy Graphs
100
The difference between the cost of a product or service and the price charged for that product or service in a fixed price arrangement.
What is Profit?
100
This type of contract provides for upward or downward revision of the contract price upon occurrence of specified contingencies.
What is fixed-price with economic price adjustment?
100
The type of contract used and the profit or fee are directly related to the amount of this.
What is risk?
100
This section of the FAR is titled “Types of Contracts.”
What is FAR part 16?
100
This graph represents this type of contract.
What is cost-plus-fixed-fee?
200
A dollar amount, over and above the allowable costs, that is to be paid by the Buyer to the Seller for providing a product or rendering a service in a cost reimbursable arrangement.
What is Fee?
200
This type of contract allows for an initially negotiated fee to be adjusted later by a formula based upon the relationship of total allowable costs to total target costs.
What is a cost-plus-incentive-fee contract?
200
This type of contract places maximum risk and full responsibility for all costs and resulting profit and loss upon the contractor.
What is firm-fixed-price?
200
These are the two broad categories into which contract types are grouped.
What are fixed-price and cost-reimbursable?
200
This graph represents this type of contract:
What is firm-fixed-price?
300
The maximum dollar value the buyer is willing and obligated to pay for goods or services.
What is Ceiling Price?
300
Under this type of contract, the Government pays the contractor a fixed dollar amount to provide a specified level of effort over a stated period of time for work that can be stated only in general terms.
What is a firm-fixed-price, level of effort term contract?
300
This type of contract places the most amount of risk on the buyer.
What is cost-plus-fixed-fee?
300
Cost reimbursable contacts are prohibited for the acquisition of these type of items.
What are commercial items?
300
This graph represents this type of contract:
What is cost-reimbursable?
400
The two forms of Cost Plus Fixed Fee (CPFF) Contracts
What are Completion and Term?
400
Under this type of contract, a contractor receives no fee and is reimbursed only for an agreed-upon portion of its allowable costs?
What is a cost-sharing contract?
400
This method of establishing a profit or fee objective includes focusing on performance risk and contract type risk.
What are weighted guidelines?
400
A letter contract may be used when the schedule will provide definitization of the contract not later than this number of days after the date of the letter contract.
What is 180 days?
400
This graph represents this type of contract.
What is cost-plus-incentive-fee?
500
Contract Type that allows for the reimbursement of:
- labor based on hours incurred at a predetermined hourly rate (includes burdens & Profit) and
- all material and ODC at cost plus applicable burdens (no fee/profit on material/ODC )
What is a Time & Material Contract?
500
This type of contract provides for fee consisting of:
• a base fee amount, which is fixed at inception of the contract AND
• an additional fee amount, based upon a judgmental evaluation by the Government, sufficient to provide motivation for excellence in contract performance
What is a cost-plus-award-fee contract?
500
Our Delegation of Authority (DoA) specifically identifies this as a risk requiring:
•Inc. level approval if this risk could potentially exceed the lesser of $10M or 20% of the contract value
What are liquidated damages?
500
Under an indefinite-delivery-indefinite-quantity (IDIQ) contract , what quantities of supplies or services must be specified?
What are minimum and maximum?
500
This graph represents this type of contract.
What is fixed-price-incentive-fee?