CON 3990V Contracting Certification Exam (Latest 2025/2026 Update) Questions with Verified Answers | 100% Correct| Graded A+.

CON 3990V Contracting Certification
Exam (Latest 2025/2026 Update)
Questions with Verified Answers |
100% Correct| Graded A+.

Question:

When should contract files required settlement of indirect cost rates be
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closed out??
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Answer:

Within 36 months of the month the KO receives evidence of physical
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completion




Question:

When should all other (not SAP, FFP, or indirect cost rate) contract files be
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closed??

Answer:
Within 20 months of the month the KO receives evidence of physical
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completion

,Question:
When is a contract considered physically complete??
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Answer:

the KTR has completed required deliveries and Gov has inspected and
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accepted the supplies i,- i,-




The contractor has performed all services and the Gov has accepted the
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services and i,- i,-




all option provisions, if any, have expired
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or the Gov gives the KTR notice of termination
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Question:
What are the steps to close out a contract file??
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Answer:

1) Contract admin office is responsible for initiating, reviewing contract
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fund status, and deobligating excess funds
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2)KO issues a contract completions statement
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3) KO files completed statement and signed copy send to admin office
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Question:

How long are contract documents retained after closeout??
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Answer:
6 years after final payment
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,Question:

What does a KO need prior to commencement of negotiations for a sole
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source contract, commencement of negotiations for a contract resulting
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from an unsolicited proposal, or award without providing for full and
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open competition?? i,-




Answer:
Justification and Approval which justifies the actions in writing, certifies
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the accuracy and completeness of the justifications and obtains the
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approval required i,-




Question:

The KO shall not award a sole-source contract for an amount exceeding
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$25M unless? i,-




Answer:
they have a signed Justification and Approval
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Question:

A J&A should include?
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Answer:
Description of action being approved i,- i,- i,- i,-




Description of supplies or services required + estimated value
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, statutory authority permitting other than full and open comp
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demonstrate why specific KTR is required (instead of comp)
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efforts made to solicit offers from other sources
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determination of fair and reasonable anticipated cost i,- i,- i,- i,- i,- i,-




description of market research conducted i,- i,- i,- i,-




list of sources that expressed interest
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statement of how agency may remove comp barriers in the future
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KO certification
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Question:
What are the thresholds for J&A approval?
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Answer:

under $750 - KO approval
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over $750k and under $100M - HCA
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over $100M - senior procurement executive
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Question:

What are the basic elements required for a contract to be legally binding
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(4)?

Answer:
mutual assent (valid offer and acceptance)
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