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Management Concepts

Types of Contracts

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Next dates

May 29—31
3 days
Tysons, Virginia, United States
USD 889
USD 296 per day
Aug 12—14
3 days
Washington, District of Columbia, United States
USD 889
USD 296 per day
Nov 13—15
3 days
Tysons, Virginia, United States
USD 889
USD 296 per day
+5 more options

Description

What are the differences between a fixed-price contract and a cost-reimbursement contract? Between an incentive contract and an indefinite-delivery contract? There are many factors to consider when selecting an appropriate contract, and each has its advantages and disadvantages. You will learn the basics of a contract, contract types, and selection criteria. You will delve deeply into each contract category and understand the basic principles and limitations of each using FAR Part 16 as a guide.

Learning Objectives

  • Describe the contract types authorized by the Federal Acquisition Regulation (FAR)
  • Define conditions for their use
  • Select the appropriate type of contract for a particular acquisition

Course Topics

Introduction to Types of Contracts

  • Basic Elements of a Contract
  • General Classification of Contract Types
  • Factors in Selecting Contract Type
  • Effect of Requirements Document on Selection of Contract Type
  • Exercise: Preparing an Exhibit
  • Exercise: Meals for Firefighters

Fixed-Price Contracts

  • Cost Risk of Performance Under Fixed-Price Contracts
  • Firm-Fixed-Price Contract
  • Fixed-Price Contract with Economic Price Adjustment
  • Fixed-Price Contracts with Prospective Price Redetermination
  • Fixed-Price Contracts with Retroactive Price Redetermination
  • Firm-Fixed-Price Level-of-Effort Term Contracts
  • Exercise: Economic Price Adjustment Clause Case Study

Cost-Reimbursement Contracts

  • Use of the Cost-Reimbursement Contract
  • Cost Risk of Performance under Cost-Reimbursement Contracts
  • Cost Contracts
  • Cost-Sharing Contracts
  • Cost-Plus-Fixed-Fee Contracts
  • Clauses
  • Exercise: Minimum Guaranteed Quantities of Work Case Study

Incentive Contracts

  • Types of Incentives
  • Fixed-Price-Incentive Contracts
  • Cost-Plus-Incentive-Fee Contracts
  • Award Fee Contracts
  • Clauses
  • Award Term Contracts
  • Exercise: New Airborne Radar
  • Exercise: What Will the Government Pay?

Indefinite-Delivery Contracts

  • Definite-Quantity Contracts
  • Requirements Contracts
  • Indefinite-Quantity Contracts
  • Orders Under Indefinite-Delivery Contracts
  • Clauses
  • Governmentwide IDIQ Contracts
  • Case Studies and Exercise

Time-and-Materials, Labor-Hour, and Letter Contracts

  • Time-and-Materials Contracts
  • Labor-Hour Contracts
  • Letter Contracts
  • Exercise: Withholding Payment Case Study

Multi-Year and Option Contracts

  • Multi-Year Contracts
  • Options
  • Exercise: Option Items Case Study

Other Purchasing Arrangements

  • Basic Agreements
  • Basic Ordering Agreements
  • Blanket Purchase Agreements
  • Other Transactions

Who should attend

This course is designed for contracting and COR personnel who require a more focused study of the contract types most frequently used in federal contracting, basic principles and limitations, and when they should be used.

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