Exam (elaborations)
Last Contracting Exam 6.
- Course
- Institution
Last Contracting Exam 6.
[Show more]
Seller
Follow
lydiaomutho
Content preview
Last Contracting Exam 6Essential Contract Elements: - ANS--Mutual Assent: (Valid Offer & Acceptance "Meeting
of the Minds").
-Consideration (Each party receives something of value and gives something of value)
-Capacity (a party must have the capacity to understand and appreciate the terms of the
contract)
-Lawful Purpose(Obey the FAR & Statutes, Anti Deficiency)
-Certainty of Terms (Clear terms)
-Form provided by law (Written, Oral, Implied through conduct)
FAR Part 32 - ANS-Contract Financing and Payments
Contract Financing - ANS-is defined as Government authorized payments to contractors
prior to the acceptance of supplies or services by the Government.
Why provide contract financing? - ANS--To expedite the performance of essential
contracts.
-Increase competition
-High dollar production
-Aid Small Business
-Meets contractors need/minimizing Gov risk
Contract Financing payments include? - ANS--Advanced Payment (Least preferred)
- Performance-based payments (preferred method)
, FAR Part 43 - ANS-Contract Modifications
FAR Part 42 - ANS-Contract Administration and Audit Services
Modification Policy states: - ANS-Only Contracting Officers are empowered to execute
modifications on behalf of the Government.
Two Types of Modifications? - ANS-Unilateral and Bilateral
What is a Unilateral Modification? - ANS-Only contracting officer's signature needed
What is a Bilateral Modification? - ANS-Requires the signature of the Contracting Officer
and the contractor
Cardinal Changes? - ANS-Changes (Modification) to a contract that are "out of scope"
They may require a J&A.
Change Orders? - ANS-Written order signed by PCO, directing the contractor to make a
change without prior agreement (unilateral). Authorized by the "Changes Clause"
Contractor must continue performance.
Change Orders are limited to? - ANS--place of delivery
- Change in packaging
-Change to design or specifications
Constructive Change? - ANS-Oral or written act or failure to act by Government official
(in a position of authority) construed by contractor as having same effect as a written
change order
An "in-scope" modification does not: - ANS--Place an undue burden on the contractor
-Does not disrupt the competitive aspect
What is a claim? - ANS-A written demand or written assertion by one of the contracting
parties seeking, as a matter of right, the payment of money in a sum certain, the
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller lydiaomutho. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75057 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now