Exam (elaborations)
Acquisition & Contracting Exam 1
- Course
- Institution
Acquisition & Contracting Exam 1
[Show more]
Seller
Follow
lydiaomutho
Content preview
Acquisition & Contracting Exam 1Acquisition - ANS-acquiring by contract with appropriated funds of supplies or services
by and for the use of the Federal Government through purchase or lease, whether the
supplies or services are already in existence or must be created, developed,
demonstrated and evaluated
Procurement - ANS-acquiring goods, services, works from an external source
Contracting - ANS-purchasing, renting, leasing or otherwise obtaining supplies or
services from nonfederal sources. includes description of supplies and services,
selection and solicitation of sources, preparation and award of contracts and all phases
of contract administration
subcontracting - ANS-when some of the effort is contracted to another party
Contract management as a competitive advantage - ANS-Important part of the value
chain that can create significant value over and above the cost of operations. Enables
other parts of the organization to achieve greater value when contracting is able to keep
prices low and delivery on time.
Provides insight and value to the 'links' in the value chain. Make or buy outsourcing
decisions can create cost or differentiation advantages.
Contract Elements - ANS-Offer, Acceptance, Exchange of consideration, Competent
parties, Legality of purpose
Law of Agency - ANS-relationship based on the delegation of authority by the principal
to the agent to act on the principal's behalf.
Privity of Contract - ANS-the legal connection or relationship that exists between the
contracting parties allowing either party to enforce contractual rights and seek
restitution. Buyer has privity of contract with the prime vendor/contractor and the prime
contractor to subcontractor. The buyer does not have privity of contract with the
subcontractor.
, Sources of contracting authority - ANS--Constitution provides legal authority of
government to enter into contracts for supplies and services.
-Statutes and laws of the USC Title 10
-FAR 1.602-1 provides actual contracting officer authority
-Numerous executive orders, regulations, directives
Authorities of KO - ANS-FAR 1602-1: Enter in to contracts, administer and terminate
contracts, make determinations and findings
Express Authority - ANS-Actual authority as defined in writing
Implied Authority - ANS-Actual authority by position - not in writing
Apparent Authority - ANS-not intentionally granted, but may rest with the agent if the
principal or agency allows the agent to exercise such authority and the other party
believes that the agent indeed possesses such authority.
Dangers in apparent authority - ANS-Acting out of scope may make the agent liable and
no limits
Differentiate between the military, acquisition and contracting chain of command -
ANS-Contracting authority purposely lies outside the military and acquisition authority
chains
Armed Services Procurement Act (ASPA) of 1947 - ANS-Established authority for DoD
to contract for national defense needs and to write regulations implementing this acct.
Favored formal advertising, but permitted negotiations under 17 exceptions
Office of Federal Procurement Policy (OFPP) Act of 1974 - ANS-Established OFPP as
part of OMB and continued to emphasize the policy of economy, efficiency, and
effectiveness in the procurement of property and service by the executive branch
Competition in Contracting Act (CICA) of 1984 - ANS-MAde full and open competition
the prefeered method of government procurement
Federal Acquisition Streamlining Act (FASA) of 1994 - ANS-Established policies and
procedures for acquiring commercial items, authorized task order contracting,
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)
80364 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now