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What are the five key stages of the Contracting Life Cycle? -
ANSWER ✔✔1) Acquisition Planning
2) Solicitation
3) Evaluation
4) Award
, 5) Contract Administration
Generally, contract types are grouped into what two families? -
ANSWER ✔✔Fixed price and cost reimbursement
Which best value source selection process allows the Government to
award to other than the lowest priced offeror or other than the highest
technically rated offeror? - ANSWER ✔✔Tradeoff
Solicitations under sealed bid procedures are called: - ANSWER
✔✔Invitation for bids
Solicitations under negotiated procedures are called: - ANSWER
✔✔Request for proposal
What is the purpose of a debriefing? - ANSWER ✔✔A debriefing is a
means of informing offerors of the basis of the source selection decision
and contract award. Perhaps the most beneficial purpose of a debriefing
for the offeror is the feedback on why their proposal was not select for
award and how they could improve future proposal submissions.
What are the four essential elements of a contract? - ANSWER
✔✔Capacity, Mutual Assent, Consideration, and Lawful Purpose