A mutually binding legal agreement obligating the seller to furnish supplies or services and the buyer to pay for them.
What is a contract?
100
Payments are made upon submission and acceptance of this:__
What are deliverables (or milestones) ?
100
A CPFF contract is based on payment of actual costs and a negotiated fee and is this type of contract:____
What is cost reimbursement?
100
An IDIQ is an indefinite __ indefinite __ contract.
What is delivery and quantity?
100
Contract used to acquire recurring services/supplies when times/quantities for future deliveries are unknown at the time of award.
What is an IDIQ?
200
Funds that are provided to cover full cost/price of contract or initial allotted amount and any corresponding fee.
What is the obligated amount?
200
An FFP contract is most appropriate when there are well defined specifications and when fair and _____ prices can be established at the outset.
What is reasonable?
200
CPFF contracts are best suited when there are ___that do not permit costs to be estimated with sufficient accuracy.
What are uncertainties?
200
An IDIQ has a minimum __ amount and a contract _____.
What is obligated and ceiling?
200
Contract type in which the contractor has full responsibility for the performance costs and resulting profit or loss.
What is a FFP contract?
300
A contract element describing the required results in clear, specific and objective terms with measurable outcomes.
What is a statement of work?
300
The contractor is obligated to complete performance regardless of actual ____ incurred.
What are costs?
300
The contractor agrees to use its _______ to perform the work and all contract obligations within the estimated cost.
What are best efforts?
300
The IDIQ statement of work describes the general scope, nature, purpose and complexity while a ___ ___ describes the specific services to be performed.
What is a Task Order?
300
Contract type in which the contractor is reimbursed on the basis of actual costs incurred and a fixed fee.
What is a CPFF contract?
400
Level of ___ will be considered when determining which contract type is most appropriate to utilize:
What is risk ?
400
One benefit of an FFP contract is that it requires minimal ____ burden on both parties.
What is administrative?
400
In a CPFF contract, greater risk is placed upon the ___ .
What is the Government?
400
Each TO has a specific amount, scope, duration and provisions; however, they are also governed by the ordering procedures, terms and conditions of the __.
What is IDIQ?
400
Under this contract type, the contractor must notify the CO if it will exceed 75% of total estimated cost of the contract.
What is cost-reimbursable?
500
An element of the total remuneration that contractors may receive for contract performance not to exceed 10% of the contract’s estimated cost.
What is fixed fee?
500
In an FFP contract, maximum risk is placed upon the:
What is the contractor?
500
Under a cost reimbursable contract, the contractor must notify the CO when it expects to exceed its current obligation. This is known as limitation of ______.
What are funds?
500
The US government often favors IDIQs for the following reason: ______.
What is ordering flexibility?
500
Contract type under which the fee cannot exceed 10% of the contract's estimated cost, but may be adjusted as a result of changes in work to be performed.