-Service contract Overpayment occurs only when payment is made for supplies or services accepted by the Government. Enter in Column (10) the costs of work in process as determined from your records or inventories at the cutoff date. Ensure that gov. What is the order of priority for the required sources of supply? How do you determine whether a particular policy or procedure stated in the FAR applies to a given acquisition? This form also must be completed before the program official submits the purchase request (PR) package to the Procurement Office. Depending on the estimated dollar value of the acquisition, the decision to award may be the KO or designated source selection authority. (3) Cost analysis shall be used to evaluate the reasonableness of individual cost elements when certified cost or pricing data are required. Depending upon the estimated dollar value of the acquisition - Answers estimated value, etc., will not be made until each procurement is initiated. Considerations include the complexity of the items required, the number of purchase orders and subcontracts to be awarded and administered, whether established sources are available or new or second sources must be developed, and whether material will be obtained through routine purchase orders or through complex subcontracts requiring detailed specifications. The initial cost estimate must be completed before entry into the execution phase and must be updated annually. . Actual annual usage was 5,500 hours . (b) Program should-cost review. Urgency (ii) The Government proves that the facts demonstrate that the price would not have increased in the amount to be offset even if the available data had been submitted before the "as of" date specified on the Certificate of Current Cost or Pricing Data. Source selection procedures 45 day response time for R&D actions that exceed the SAT, Contracting Officers must publicize contract actions in order to CONTRACT AWARD: Depending upon the estimated dollar value of the acquisition: . Upon identification of the acquirer and determination of the acquisition date, business combinations are accounted for through the preparation of a Purchase Price Allocation (PPA). (D) General management. Annual run rate synergies of $28 million are expected to be achieved by the third year. This clause also provides instructions to contractors on how to request an exception from the requirement to submit certified cost or pricing data. plan, develop, execute. (1) If, after award, certified cost or pricing data are found to be inaccurate, incomplete, or noncurrent as of the date of final agreement on price or an earlier date agreed upon by the parties given on the contractor's or subcontractor's Certificate of Current Cost or Pricing Data, the Government is entitled to a price adjustment, including profit or fee, of any significant amount by which the price was increased because of the defective data. (b)(1) The extent of market research will vary, depending on such factors as urgency, estimated dollar value, complexity, and past experience. This subsection prescribes policies for establishing the profit or fee portion of the Government prenegotiation objective in price negotiations based on cost analysis. (2) The contractors format for submitting the data should be used (see 15.403-5(b)(2)). Should not exceed 5 years, The product is considered commercial if it retains 50% of its original functionality. The extent of planning and research will vary, depending on such factors as estimated dollar value, complexity, and Identification of the . . With this deal, the combined value of the company amounts to $1.3 billion. the governments obligation to pay the agreed-upon price regardless, IDENTIFY THE STEPS OF THE SERVICES ACQUISITION PROCESS: Requirements Definition and Acquisition Strategy describes, IDENTIFY THE IMPORTANCE OF ESTABLISHING/MAINTAINING THE COR FILE: The COR is usually the person responsible for determining, IDENTIFY THE ACTIVITIES PERFORMED IN PLANNING THE ACQUISITION: Which activity best helps the government, IDENTIFY THE ELEMENTS OF CONTRACT PERFORMANCE MANAGEMENT: The __ has primary responsibility for ensuring, IDENTIFY THE STEPS IN THE PROPOSAL EVALUATION PROCESS: After establishing a competitive range for the most highl, IDENTIFY PROPER INVOICE REQUIREMENTS: The prompt payment act requires, LIST THE FREQUENTLY USED CONTRACT TYPES: The choice of contract type to be used, DISTINGUISH BETWEEN THE TYPES OF CONTRACT CHANGES AND MODIFICATIONS: This type of modification involves the use of administrative changes. The governments's unilateral right in the contract whereby, for a specified time, the government may choose to purchase additional supplies or services or extend the term of the contract. The following five steps should be considered when completing a PPA: Step 1: Determine the fair value of consideration paid; Step 2: Revalue all existing assets and . Considerations include how labor in the overhead pools would be treated if it were direct labor, whether elements within the pools are routine expenses or instead are elements that contribute significantly to the proposed contract, and whether the elements require routine as opposed to unusual managerial effort and attention. Purchase Card and is not required to be advertised. The Economy Act gives us the authority to use another organization to obtain the supplies or services that we need, T&M contracts provide for acquiring supplies or services on the basis of - Profit consideration should correspond to the managerial and technical effort involved. (2) The Government may use various price analysis techniques and procedures to ensure a fair and reasonable price. (iii) The modification of any sealed bid or negotiated contract (whether or not certified cost or pricing data were initially required) or any subcontract covered by paragraph (a)(1)(ii) of this subsection. They should be based on the results of the contracting officers analysis of the offerors proposal, taking into consideration all pertinent information including field pricing assistance, audit reports and technical analysis, fact-finding results, independent Government cost estimates and price histories. (f) If Government audit discloses defective subcontractor certified cost or pricing data, the information necessary to support a reduction in prime contract and subcontract prices may be available only from the Government. experts as needed to develop the package, depending on the type of acquisition and the estimated dollar value. Form USM-416, Individual Acquisition Planning, must be completed for each new contract action above the dollar threshold of $100,000. . 12,816. Determining Seed-Round Valuation for Startups - Silicon Valley Bank depending upon the estimated dollar value of the acquisition "We laugh at [venture] firms that . The Simplified Acquisition Threshold (SAT) ( FAR 2.101) is $250,000. 2. Accounting 210 Final, Ch. 5-8 Flashcards | Quizlet At the same point in time, the thirty-year treasury bond rate in the United States was 8.00%. When cost analysis is required, the contracting officer shall document the pertinent issues to be negotiated, the cost objectives, and a profit or fee objective. Data within the contractors or a subcontractors organization on matters significant to contractor management and to the Government will be treated as reasonably available. Seven statutory exceptions. (d) Subcontractor Certified Cost or Pricing Data. acquisition costs proposed is in excess of $1 million, 10 percent of all remaining . Total Holdings Value is calculated by taking the most recent acquisition or disposal transaction for each distinct ticker value of Insider Filings transactions . What is the Preferred Method to describe requirements? Cost reimbursement contracts. The greatest risks associated with unbalanced pricing occur when-. This is because the act is one of potential fraud. If it is conducted in conjunction with a program should-cost review, a separate overhead should-cost review report is not required. The ACO shall establish a follow-up plan to monitor the correction of the uneconomical or inefficient practices. For more information on peer reviews, see DFARS 201.170 and AFARS 5101.170. . Consent to subcontracts and review of contractors purchasing systems are separate actions covered in part 44. When residual inventory exists, the final costs established under fixed-price-incentive and fixed-price-redeterminable arrangements should be net of the fair market value of such inventory. requires that funds appropriated by Congress be used only for the programs and purposes for which the appropriation was made. (5) If there is more than one prospective subcontractor for any given work, the contractor need only submit to the Government certified cost or pricing data for the prospective subcontractor most likely to receive the award. When preproduction or startup costs are significant, or when specifically requested to do so by the Contracting Officer, provide a full identification and explanation of them. (i) A firm-fixed-price contract awarded on the basis of adequate price competition; (ii) A fixed-price contract with economic price adjustment awarded on the basis of adequate price competition; (iii) A firm-fixed-price contract for the acquisition of a commercial product or commercial service; (iv) A fixed-price contract with economic price adjustment, for the acquisition of a commercial product or commercial service; (v) A fixed-price incentive contract awarded on the basis of adequate price competition; or. Applies if: Government -wide acquisition contracts (GWACS): Apostolos Tsitsipas Born, (2) Audit and field pricing information, whether written or reported telephonically or electronically, shall be made a part of the official contract file (see 4.803(a)(19)). (6) If a change or modification calls for essentially the same type and mix of work as the basic contract and is of relatively small dollar value compared to the total contract value, the contracting officer may use the basic contracts profit or fee rate as the prenegotiation objective for that change or modification. Over $700K - $13.5 Million - Competition Advocate for the procuring activity (not delegable) What are the three types of solicitations? Include the incurred cost of deleted work already performed, using actuals incurred if possible, or, if actuals are not available, estimates from your accounting records. What is the Competition in Contracting Act (CICA)? chapter 271 and 41 U.S.C. -Sufficient justification for the authority cited (B) For architect-engineer services for public works or utilities, the contract price or the estimated cost and fee for production and delivery of designs, plans, drawings, and specifications shall not exceed 6 percent of the estimated cost of construction of the public work or utility, excluding fees. STRUCTURE OF THE FAR TO THE SUBPART LEVEL Disposition of the action should be documented. For similar items, the contracting officer must also adjust the prior price to account for material differences between the similar item and the item being procured. For standard commercial products fabricated by the offeror that are generally stocked in inventory, provide a separate cost breakdown, if priced based on cost.
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