At Your Service
This means a contract that directly engages the time and effort of a contractor whose primary purpose is to perform an identifiable task rather than to furnish an end item of supply.
What is a service contract?
The main function of this is to provide the status of a project in financial terms.
What is the Contract Status Report (CSR)?
This section of the CSR provides the forecast of contract execution. Contractors must provide this when notifying the USG that 75% of funds will be spent in the next 60 days.
What is the estimate at completion?
This Act was passed in 1938 and establishes minimum wage, overtime pay, record keeping and child labor standards affecting full-time and part-time workers in the private sector and in federal, state and local governments.
What is the Fair Labor Standards Act?
This FAR part address the application of labor laws to government acquisitions.
What is FAR part 22?
This Act was passed in 1965 and provides for minimum wages and fringe benefits as well as other conditions of work on certain types of contracts.
What is the Service Contract Act?
This is what WIP stands for.
What is Work In Progress?
This is the term for a percentage that cannot be invoiced until final rates are settled.
What is a withhold?
The Department of Labor issues these to show the rates each classification of laborer must be paid within specified geographical areas.
What are wage determinations?
Under the Davis-Bacon Act, contracts over this amount, to which the USG is party for the construction, alteration or repair of public buildings or public works shall contain a clause setting forth the minimum wage to be paid to various classes of laborers and mechanics employed under the contract.
What is $2,000?
This is the FAR part titled “Service Contracting.”
What is FAR part 37?
This person is responsible for the accuracy of the CSR.
Who is the Financial Analyst?
These are our preferred payment terms in a contract.
What is/are net 30?
Employees whose jobs are governed by the Fair Labor Standards Act are considered either _______ or ________, depending upon whether or not they are entitled to overtime pay.
What is/are exempt and non-exempt?
This is the term for the local hourly wage, usual benefits and overtime paid to workers as required by the Davis-Bacon Act.
What is/are prevailing wages?
To the maximum extent practicable, FAR Part 37 requires the use of this type of acquisition for services. (_________ - based acquisition)
What is performance-based acquisition?
This is the term for the movement of money going out of and coming into a business.
What is cash flow?
This section of the CSR summarizes the outstanding balances owed to the company. |
What is/are debtors? (or accounts receivable)
This is the term for hours worked without additional compensation in excess of an average of 40 hours per week by direct charge employees who are exempt from the Fair labor Standards Act.
What is uncompensated overtime?
The Davis-Bacon Act was established in this year.
What is 1931?
This type of contract is characterized by the employer-employee relationship it creates between the USG and the contractor’s personnel. |
What is a personal services contract?
Our finance reps recommend negotiating FAR clause 52.216-8 out of contracts when possible because of the withhold requirements. This is the name of the clause.
What is Fixed Fee?
Profit divided by price is the calculation for this.
What is return on sale?
This is a written, legal contract between an employer and a union and sets forth the terms of employment for the employees who are members of the union. |
What is a collective bargaining agreement?
Executive Order Number _______ establishes a minimum paid sick leave for Federal Contractors, which would include employees working in connection with the Davis-Bacon Act.
What is 13706?