FAR Part 14
Correcting bid mistakes can change a non-responsive bid to a responsive bid T or F
False
Adequate price competition is based on the premise that there is a sufficient amount of competition to ensure that an award price is (2)
Fair and reasonable
The contract types are grouped into two broad categories
Cost reimbursable and Fixed Price
For the regulation to have the force and effect of law it must be
reasonable and consistent with the enabling legislation
Which Part do contract clauses and provisions start
Part 52
Bids are evaluated on the basis of which factors ?
Only price and price related factors
Past performance shall be evaluated in all source selections for negotiated competitive acquisitions expected to exceed what threshold
Simplified acquisition threshold
There are three types of indefinite delivery contracts
Definite-quantity contracts, requirements contracts, indefinite quantity contracts
Basic Elements of a contract to be legally enforceable
Offer, Acceptance, consideration, legal agreement
Marbury V Madison established the principle of what
Judicial Review
Bidders are responsible for submitting bids. If no time is specified in the IFB, the time for receipt is?
4:30 p.m., local time, for the designated Government office on the date that bids are due.
The process of examining and evaluating a proposed price without evaluating its separate cost elements and proposed profit is called
price analysis
A cost-reimbursement contract that provides for an initially negotiated fee to be adjusted later by a formula based on the relationship of total allowable costs to total target costs is known as a
cost-plus incentive fee contract
What court is the only court that may hear a claim arising from a government contract
Court of Federal claims
What are two types of gov property (2)
Government Furnished property Contractor acquired property
Which of the following contract types may be used with sealed bidding procedures
Firm Fixed Price or Fixed Price with Economic price adjustment
Communication with an offeror for the sole purpose of eliminating minor irregularities, informalities, or apparent clerical mistakes in the proposal is called
clarifications
FAR 16 prohibits the use of CR for what type of item
Commercial items
doctrine that a party may recover on the basis of a promise made when the party's reliance on that promise was reasonable, and the party attempting to recover detrimentally relied on the promise
Promissory estoppel
A form of written approval signed by an authorized official that is required by statute or regulation as a prerequisite to taking certain contract actions is defined as a
Determination and Findings
A pre-bid conference are used in a complex acquisition, as a means of briefing bidders and explaining complicated specifications. However, a pre-bid Conference may not be used in substitution for
amending a defective or ambiguous invitation
Threshold for obtaining cost and pricing data for prime contact after July 2018
2,000,000
A contract that provides for upward and downward revision of the stated contract price upon the occurrence of specified contingencies is referred to as
Fixed Price with economic price adjustment
What is the doctrine of privity of contract
is a common law doctrine which provides that you cannot either enforce the benefit of or be liable for any obligation under a contract to which you are not a party. The underlying premise is that only parties to a contract can sue or be sued under it.
Unless otherwise provided, agencies shall use which of the following contract type for the acquisition of commercial items (2)
Firm Fixed Price or Fixed Price with economic adjustment