FCCM TESTS BANKS WITH ANSWERS A+ GRADE.
Stage 2: Payment Methods - * Cost Reimbursement
* Fixed Price
* Fixed Rate
*Combination
Cost Reimbursement - The provider submits a request for reimbursement and is reimbursed for allowable
cost incurred that are directly related to the commodities or services in the contract/grant.
Fixed price - Project is divided into intervals and payment is distributed at those intervals.
*Bi-weekly
* Monthly
* Quarterly
Fixed rate - Payments are based on a fixed rate.
*Hourly rate of pay
*Per unit delivered
Combination - Any of the payment methods listed on the previous slide may also be used.
Stage 2: Competitive Solicitation Methods - Invitation to Bid (ITB) = Price
Request for Proposals (RFP) = Price + Quality
Invitation to Negotiate (ITN)= Best Value
Stage 3: Competitive Solicitation Documents must include - * General Instruction to Respondent (PUR
1001)
*General Contract Conditions (PUR 1000)
Should a Procurement officer serve on the evaluation team? - No, if the category Four or higher; should
have 3 people on the evaluation team.
Stage 2: Payment Methods - * Cost Reimbursement
* Fixed Price
* Fixed Rate
*Combination
Cost Reimbursement - The provider submits a request for reimbursement and is reimbursed for allowable
cost incurred that are directly related to the commodities or services in the contract/grant.
Fixed price - Project is divided into intervals and payment is distributed at those intervals.
*Bi-weekly
* Monthly
* Quarterly
Fixed rate - Payments are based on a fixed rate.
*Hourly rate of pay
*Per unit delivered
Combination - Any of the payment methods listed on the previous slide may also be used.
Stage 2: Competitive Solicitation Methods - Invitation to Bid (ITB) = Price
Request for Proposals (RFP) = Price + Quality
Invitation to Negotiate (ITN)= Best Value
Stage 3: Competitive Solicitation Documents must include - * General Instruction to Respondent (PUR
1001)
*General Contract Conditions (PUR 1000)
Should a Procurement officer serve on the evaluation team? - No, if the category Four or higher; should
have 3 people on the evaluation team.
