Contracting Exam 3
Know the 6 essential elements of a contract: - ANS-1. Mutual Assent: (Valid Offer &
Acceptance "Meeting of the Minds").
2. Consideration (Each party receives something of value)
3. Capacity (Competence & Authority)
4. Lawful Purpose(Obey the FAR & Statutes, Anti Deficiency)
5. Certainty of Terms (Clear terms) - Must include the following:
• Price
• Delivery schedule
• Quantity
• PWS/SOW
6. Form provided by law (Written, Oral, Implied through conduct)
What type of authority does a KO have? - ANS-Express Authority
What is a ratification? - ANS-The act of approving an unauthorized commitments by an
official who has the authority to do so.
Identify the different types of contractual authority: - ANS-express, implied, and
apparent.
Ratification, the authority to ratify may be exercised only when: - ANS-• Supplies or
services have been provided to and accepted by the Government, or the Government
otherwise has obtained a benefit resulting from performance of the unauthorized
commitment; and
• The ratifying official has the authority to enter into a contractual commitment.
The definition of Solicitation: - ANS-A document sent to prospective contractors by a
Government agency, requesting the submission of offers or information.
Remember, we advertise our need for supplies/services to: - ANS-Increase competition
Broaden industry participation
Assist small business concerns
, Why do we publicize requirements? - ANS-• Contracting Officer must establish a
response time that will afford potential offerors a reasonable opportunity to respond to
each proposed contract action
• 30 day response time except for commercial items
- Combined synopsis/solicitation authorized for commercial items. FAR 12.603
• 45 day response time for R&D actions that exceed the SAT
Identify the different types of solicitations: - ANS-- Requests for Quotations (RFQs) -
FAR 13
- Invitation for Bids (IFBs) - FAR 14
- Requests for Proposals (RFPs) - FAR 15
Changes to a Solicitation are called? - ANS-Amendment
What is a provision? - ANS-A written term or condition used only in SOLICITATIONs
and applies only before contract award.
Define Clause: - ANS-A term or condition that is used in a Solicitation and a contract
There are only __________ provisions and _______ clauses that are mandatory for
commercial item solicitations. - ANS-
___________________ must be evaluated in every acquisition regardless of dollar
value - ANS-Price/Cost
What are Evaluation Factors in a Source Selection? - ANS-• Past performance shall be
evaluated for negotiated competitive procurements exceeding the SAT
• Cost/Price
• Quality of the product or service through consideration
* Best Value evaluations: - ANS-Trade-off process or Lowest Price Technically
Acceptable (LPTA) process
Why Provide Financing? - ANS-• Contract financing may general the following benefits:
- High dollar production
- Expedited performance
- Broadening of the production base
- Increased competition
Know the 6 essential elements of a contract: - ANS-1. Mutual Assent: (Valid Offer &
Acceptance "Meeting of the Minds").
2. Consideration (Each party receives something of value)
3. Capacity (Competence & Authority)
4. Lawful Purpose(Obey the FAR & Statutes, Anti Deficiency)
5. Certainty of Terms (Clear terms) - Must include the following:
• Price
• Delivery schedule
• Quantity
• PWS/SOW
6. Form provided by law (Written, Oral, Implied through conduct)
What type of authority does a KO have? - ANS-Express Authority
What is a ratification? - ANS-The act of approving an unauthorized commitments by an
official who has the authority to do so.
Identify the different types of contractual authority: - ANS-express, implied, and
apparent.
Ratification, the authority to ratify may be exercised only when: - ANS-• Supplies or
services have been provided to and accepted by the Government, or the Government
otherwise has obtained a benefit resulting from performance of the unauthorized
commitment; and
• The ratifying official has the authority to enter into a contractual commitment.
The definition of Solicitation: - ANS-A document sent to prospective contractors by a
Government agency, requesting the submission of offers or information.
Remember, we advertise our need for supplies/services to: - ANS-Increase competition
Broaden industry participation
Assist small business concerns
, Why do we publicize requirements? - ANS-• Contracting Officer must establish a
response time that will afford potential offerors a reasonable opportunity to respond to
each proposed contract action
• 30 day response time except for commercial items
- Combined synopsis/solicitation authorized for commercial items. FAR 12.603
• 45 day response time for R&D actions that exceed the SAT
Identify the different types of solicitations: - ANS-- Requests for Quotations (RFQs) -
FAR 13
- Invitation for Bids (IFBs) - FAR 14
- Requests for Proposals (RFPs) - FAR 15
Changes to a Solicitation are called? - ANS-Amendment
What is a provision? - ANS-A written term or condition used only in SOLICITATIONs
and applies only before contract award.
Define Clause: - ANS-A term or condition that is used in a Solicitation and a contract
There are only __________ provisions and _______ clauses that are mandatory for
commercial item solicitations. - ANS-
___________________ must be evaluated in every acquisition regardless of dollar
value - ANS-Price/Cost
What are Evaluation Factors in a Source Selection? - ANS-• Past performance shall be
evaluated for negotiated competitive procurements exceeding the SAT
• Cost/Price
• Quality of the product or service through consideration
* Best Value evaluations: - ANS-Trade-off process or Lowest Price Technically
Acceptable (LPTA) process
Why Provide Financing? - ANS-• Contract financing may general the following benefits:
- High dollar production
- Expedited performance
- Broadening of the production base
- Increased competition
