ACQ 101 Module 8 Contract Management Questions and Answers Already Passed

ACQ 101 Module 8 Contract Management Questions and Answers Already Passed What is a contract? ✔✔legal instrument that defines the relationship between the government and a contractor, acquisition of property, supplie ...

ACQ 101 Module 8 Contract Management Questions and Answers Already Passed What is a contract? ✔✔legal instrument that defines the relationship between the government and a contractor, acquisition of property, supplies, or services for the direct benefit of the government. What are the elements of a contract? ✔✔mutual assent; consideration; competency; lawful purpose; certainty of terms; form provide by law What is mutual assent? ✔✔offer and acceptance; express intent, communicated, complete terms, clear and unambiguous What is consideration? ✔✔a bargain or exchange; each party receives something of value or gives something of value; promise to perform; promise in return for performance; sufficiency & adequacy greater than $1 What is competency? ✔✔the parties must have capacity to understand the terms, not a minor, intoxicated, incompetent What is lawful purpose? ✔✔not against the law What is certainty of terms? ✔✔requirements and stipulations must be known What is provide by law? ✔✔the contract must be written, oral or implied through action What covers government contracts? ✔✔FAR, DFAR, agency supplements and acquisition regulations What government agencies are exempt from the FAR? ✔✔US Mint & FAA Why was the Competition in Contracting Act CICA passed? ✔✔foster competition and reduce costs What are some tasks the fall under the authority of the CO? ✔✔administer contracts, ensure acquisition complies with CICA, terminate contracts What are the 5 phases of the contracting process? ✔✔planning, solicitation, evaluation, award, post award What is a statement of work SOW? ✔✔The SOW is the portion of a contract that establishes all non-specification requirements. It should specify in clear, understandable terms the work to be done. What is a performance work statement PWS? ✔✔The PWS is a SOW for performance-based acquisitions that describe the required results in clear, specific and objective terms with measurable outcomes. The PWS state requirements of what (result) is to be done rather than how (method) it is done. What is a statement of objectives SOO? ✔✔The SOO is a government prepared document that provides maximum flexibility to each offeror to propose an innovative development approach. Broad description. What are examples of non-material solutions? ✔✔change in rulemaking, alternative use of existing assets, operational procedures or concepts What are the sections of a contract? ✔✔Part 1 Schedule; Part 2 contract clauses; Park 3 list of attachments; Part 4 representations and instructions What are the critical sections of a solicitation? ✔✔section B supplies or services; section M evaluation factors Which of the following terms must an offer include? ✔✔price, quantity, quality and delivery requirements Which are methods of contracting? ✔✔sealed bids and negotiation What is the purpose of contract administration? ✔✔avoiding or eliminating overlap and duplication of government contract administration effort Which contracting officer handles the procurement from the pre-solicitation phase through contract award is? ✔✔Procuring contracting officer PCO FAR 42.302 lists the functions that the Contracting Officer normally delegates to the CAO, including functions related to: 1. contractor compensation, 2. costs and payment, 3. Government property, and 4. surveillance and status reporting ✔✔Administrative contracting officer ACO What is the first key step in the planning phase? ✔✔Identifying and justifying a mission need that requires a materiel solution.What What is the purpose of a contract? ✔✔acquisition of property or services What would be found in a requirements package? ✔✔statement of work What is the first step in solicitation and award? ✔✔notify industry that a contract need exists and identify parameters of that need What is the first activity in the planning phase? ✔✔identifying and justifying a mission need that requires a materiel solution What type of modification is used to make an administrative change to a contract that does not affect the substantive rights of the contracting parties? ✔✔Unilateral