Exam (elaborations)
CLC 222 TEST 2025
- Course
- Institution
CLC 222 TEST 2025...
[Show more]
Seller
Follow
Content preview
Truth in Negotiations Act (TINA) - ANSWER Occurs when the contractorgives false cost and pricing data during negotiations subject.
Defective pricing means the contractor is certified to false data. Currently, the
TINA threshold is $750,000. Defective pricing possibilities must be analyzed
and then substantiated before the KO can take action.
What are Fixed fixed-price contracts? - ANSWER Fixed price contracts
provide for a price that is not subject to any adjustment based on the contractor's
cost experienced in performing the contract. A fixed-price contract is used when
the risk involved is minimal or can be predicted with an acceptable degree of
accuracy.
What are Cost-Reimbursement Contracts? - ANSWER Cost-reimbursement
contracts provide for payment of allowable incurred costs. They establish:
•An estimate of total cost
•The purpose of obligating funds
•A ceiling that the contractor may not exceed, except at its own risk, without the
approval of the KO
This type of contract is suitable for use only when the uncertainties involved in
contract performance do not permit costs to be estimated with sufficient
accuracy to use any type of fixed-price contract.
Time and Materials/Labor Hour Contracts - ANSWER T&M contracts provide
for acquiring supplies or services on the basis of direct labor hours at specified
fixed rates that include:
•Wages •Overhead
•General and administrative expenses
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 Humat. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75759 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now