CPCM 1.5 Contract Structures Exam Questions with Answers
5 views 0 purchase
Course
CPCM 1.5 Contract Structures
Institution
CPCM 1.5 Contract Structures
CPCM 1.5 Contract Structures Exam Questions with Answers
Basic ordering agreement - Answer-A written instrument of understanding, negotiated between a buyer and seller, that contains terms and clauses applying to future contracts (orders) between the parties during its term; a description, as spec...
CPCM 1.5 Contract Structures Exam
Questions with Answers
Basic ordering agreement - Answer-A written instrument of understanding, negotiated
between a buyer and seller, that contains terms and clauses applying to future contracts
(orders) between the parties during its term; a description, as specified as practicable,
of supplies or services to be provided; and methods for pricing, issuing and delivering
future orders under the basic ordering agreement. A basic ordering agreements is not a
contract.
Other contract types - Answer-Miscellaneous contracts that use a form of pricing
arrangement (such as time-and-materials, labor hour, and letter contracts) or are
described by the terms governing ordering (indefinite delivery contracts)
Definite quantity contract - Answer-Provides for delivery of a definite quantity of specific
supplies or services for a fixed period, with deliveries or performance to be scheduled at
designated locations upon order.
Delivery order contract - Answer-Contract for supplies that does not procure or specify a
firm quantity of supplies (other than a minimum or maximum quantity) and that provides
for the issuance of orders for the delivery of supplies during the period of the contract.
Indefinite delivery/indefinite quanity contract (IDIQ) - Answer-Government-wide agency
contract (GWAC): Contracts that provide for an indefinite quantity within stated limits of
supplies or services to be furnished within a fixed period with deliveries or performance
to be scheduled by placing orders with the contractor. Examples of these contracts are
delivery order, task order, definite quality, requirements, and indefinite quantity. GWACs
are government-wide acquisition contracts available to multiple buyers.
Indefinite quantity contract - Answer-Provides for an indefinite quantity, within stated
limits, of supplies or services during a fixed period. The buyer places orders for
individual requirements. Quantity may be stated as number of units or as dollar values.
Labor hour contract - Answer-Variation of the time-and-materials contract, differing only
in that materials are not supplied by the contractor.
Letter contract - Answer-A written preliminary contractual instrument that authorizes the
contractor to begin immediately manufacturing supplies or performing services.
Requirements contract - Answer-Provides for filling all actual purchase requirements of
designated government activities for supplies or services during a specified contract
, period, with deliveries or performance to be scheduled by placing orders with the
contractor.
Task order contract - Answer-A service contract that does not procure or specify a firm
quantity of services (other than a minimun or maximum quantity) and that provides for
the issuance of orders for the performance of tasks during the period of the contract
Time-and-materials contract - Answer-Provides for acquiring supplies or services on the
basis of direct labor hours at specified fixed hourly rates that include wages, overhead,
general and administrative expenses, profit, and materials at cost, including, if
appropriate, material handling costs as part of material costs
Fixed price - Answer-A type (family) of contract providing for a firm pricing arrangement
established by the parties at the time of contracting. This family of contracts includes
firm fixed price, fixed price with economic price adjustment, fixed price incentive, fixed
price redetermination (prospective and retroactive), firm fixed price level of effort, and
fixed price award fee.
Firm-fixed-price contract - Answer-Provides for a price that is not subject to any
adjustment on the basis of the contractor's cost experience in performing the contract.
This contract type places on the contractor maximum risk and full responsibility for all
costs and resulting profit or loss. It provides maximum incentives for the contractor to
control costs and perform effectively and imposes a minimum administrative burden on
the contract parties.
Fixed-price contract with economic price adjustment - Answer-Provides for upward and
downward revision of the stated contract price on the occurrence of specified
contingencies. There are three general types of economic price adjustments: (1)
adjustments based on established prices; (2) Adjustments based on actual costs of
labor or material; (3) Adjustments based on cost indexes of labor or material.
Adjustments based on established prices - Answer-Where price adjustments are based
on increases or decreases from an agreed-upon level in published or otherwise
established prices of specific items or the contract end items.
Adjustment based on actual costs of labor or material - Answer-Where price
adjustments are based on increases or decreases in specified costs of labor or material
that the contractor actually experiences during contract performance
Adjustments based on cost indexes of labor or material - Answer-Where price
adjustments are based on increases or decreases in labor or material costs standards
or indexes that are specifically identifed in the contract.
Fixed-price incentive contract - Answer-Provides for adjusting profit and establishing the
final contract price by a formula based on the relationship of final negotiated total cost to
total target cost.
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 Scholarsstudyguide. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.99. You're not tied to anything after your purchase.
