Bona fide needs rule - Study guides, Class notes & Summaries

Contracting Officer Unlimited Warrant Board Exam Questions With Verified Answers What is an option? - answerAn option is a unilateral right in a contract, for a specific period of time, where the Government may elect to purchase additional supplies or services called for by the contract, or extend the period of performance. The PCO should use options when (1) in the Governments best interest, (2) there is a need for service beyond the initial period, and (3) to ensure continuity of servic...

The 3-in-1 Tool automates the following form - correct answer SF 44 All contract requirements over the Simplified Acquisition Threshold (SAT) require - correct answer An independent government estimate All purchase requests must meet two requirements - correct answer Good item description, certified funds Although LDs are commonly used on ____________...

What is the "Bona Fide Needs" Rule? - Answer The Bona Fide Needs Rule basically means that a federal agency must have a legitimate or bona fide need for the requirement during the time period that the appropriation is available. Pursuant to 31 U.S.C. 1502(a), "The balance of an appropriation limited for obligation to a definite period is available only for payment of expenses incurred during the period of availability, or to complete contracts properly made during the period of availability...

Fiscal Law Exam 2 (2024) || With Questions & All Accurate Answers (Rated A+) Fiscal Law Exam 2 (2024) || With Questions & All Accurate Answers (Rated A+) Is repurposing or converting a facility for a new use considered construction? - ANSWER - Yes 3 Essential Principles of Fiscal Law - ANSWER - Time, Purpose, and Amount What funds are ordinary operating expenses funded with? - ANSWER - 0100 O&M What are Procurement (Proc) Funds used for? - ANSWER - Capital Purchases ie) Aircraft, Mi...

What is the bona fide needs rule - Answer supplies or services must be intended for a genuine, "bona fide" need in the FY of appropriations being used current year money for a current year need What are the exceptions to the Bona-Fide Needs Rule - Answer Exceptions: Supply production/delivery lead time - agencies may consider a normal production/delivery lead time to determine bona fide need. Normally NTE 30 days. Agencies cannot use this exception when items are immediately avail...

CON 3990 EXAM PRACTICE KIT WITH COMPLETE QUESTIONS AND CORRECT ANSWERS RATED A+ What is the Micro-purchase threshold for supplies? Correct Answer $10k All incentive contracts (schedule or performance) must also include what? Correct Answer Cost incentive or constraint What requires funds to be used only for needs or services in the year of the appropriations obligation period? Correct Answer Bona Fide Needs Rule What contract types can be used for commercial item purchases? Corr...

Contracting Officer Unlimited Warrant Board Exam Questions and Answers What is an option? - Answer-An option is a unilateral right in a contract, for a specific period of time, where the Government may elect to purchase additional supplies or services called for by the contract, or extend the period of performance. The PCO should use options when (1) in the Governments best interest, (2) there is a need for service beyond the initial period, and (3) to ensure continuity of service. The us...

What is the Micro-purhcase threshold for supplies? correct answer: $10k All incentive contracts (schedule or performance) must also include what? correct answer: Cost incentive or constraint What requires funds to be used only for needs or services in the year of the appropriations obligation period? correct answer: Bona Fide Needs Rule What contract types can be used for commercial item purchases? correct answer: FFP or FPEPA What is the Simplified Acquisition Threshold for comm...

What is the Micro-purhcase threshold for supplies? - correct answer -$10k All incentive contracts (schedule or performance) must also include what? - correct answer -Cost incentive or constraint What requires funds to be used only for needs or services in the year of the appropriations obligation period? - correct answer -Bona Fide Needs Rule What contract types can be used for commercial item purchases? - correct answer -FFP or FPEPA What is the Simplified Acquisition Threshold for ...

Contracting Officer Unlimited Warrant Board Exam With 100% Correct Answers What is an option? -answersAn option is a unilateral right in a contract, for a specific period of time, where the Government may elect to purchase additional supplies or services called for by the contract, or extend the period of performance. The PCO should use options when (1) in the Governments best interest, (2) there is a need for service beyond the initial period, and (3) to ensure continuity of service. The...