FAR Basics
What does FAR stand for?
Federal Acquisition Regulation
What is a Firm-Fixed-Price contract?
A contract where the price is not subject to adjustment regardless of the contractor’s cost experience
What is market research in acquisition planning?
The process of collecting and analyzing information about capabilities within the market to satisfy agency needs
What is the lowest price technically acceptable (LPTA) method?
A source selection process where the lowest-priced proposal meeting all technical requirements is selected
What is a conflict of interest in contracting?
A situation where a person’s private interests could improperly influence their official duties
Which FAR Part covers Contracting by Negotiation?
FAR Part 15
Name a contract type used when costs cannot be estimated accurately.
Cost-Reimbursement contract
What document outlines the government’s requirements and acquisition strategy?
Acquisition Plan
What is a source selection evaluation board?
A group of individuals responsible for evaluating proposals against established criteria
What is the Procurement Integrity Act?
A law that prohibits the release of source selection and contractor bid or proposal information
What is the purpose of the FAR?
To provide uniform policies and procedures for acquisition by all executive agencies
What is a Time-and-Materials contract?
A contract that pays for labor at fixed hourly rates and materials at cost
What is the purpose of a Statement of Work (SOW)?
To describe the work to be performed by the contractor
What is the purpose of technical evaluation criteria?
To assess the technical merits of proposals and determine their acceptability
What is the role of the Standards of Conduct for federal employees?
To set ethical guidelines and expectations for federal employees’ behavior
Which FAR Part covers Simplified Acquisition Procedures?
FAR Part 13
What is the main risk for the government in a Cost-Reimbursement contract?
The government bears the risk of cost overruns
What is the difference between a SOW and a Performance Work Statement (PWS)?
SOW specifies how work is to be done; PWS describes desired outcomes or results
What is a debriefing in source selection?
A meeting to explain to unsuccessful offerors why their proposals were not selected
What should a contracting officer do if they suspect fraud?
Report the suspicion to the appropriate authorities, such as the Office of Inspector General
Name three types of contract clauses found in the FAR.
Examples: Termination for Convenience, Changes, Disputes
What is an Indefinite Delivery/Indefinite Quantity (IDIQ) contract?
A contract that provides for an indefinite quantity of supplies or services during a fixed period
What is the role of the Contracting Officer in acquisition planning?
To ensure acquisitions comply with laws, regulations, and policies, and to oversee the acquisition process
What is the difference between competitive and non-competitive procurement?
Competitive involves multiple offerors; non-competitive is awarded without competition
What is the consequence of violating ethical standards in contracting?
Disciplinary action, which may include removal, suspension, fines, or criminal prosecution