Predictive Notes EXAM NEWEST 2025
QUESTIONS AND CORRECT DETAILED ANSWERS
(VERIFIED ANSWERS) |ALREADY GRADED A+
Save
Terms in this set (266)
clearly outline the deliverables and results
anticipated, including any knowledge transfer from
What should a contract
the seller to the buyer
include
Know the laws and regulations from the local country
that could affect the contract
Scope of work to be performed
Roles and responsibilities
How to perform the work, including locations and
times
Terms and conditions
what should be outlined in
Warranties and penalties
contract?
Payment terms
Termination clauses
Change request process
Incentives
Insurance and performance bonds
what is a fixed price When the buyer pays one flat price (lump sum) for all
contract the work in the contract
who takes on the risk for a the seller
fixed price contract?
, firm fixed price
what are the three types
fixed price incentive fee
of fixed price contracts?
fixed price economic price adjustment
what is a firm fixed price when the price is fixed and cannot be changed
contract
This contract is when the fixed price includes an
what is a fixed price
additional fee for meeting a target set forth in the
incentive fee (FPIF)
contract
This contract is used to adjust the fixed cost over the
what is a fixed price life of the contract because of economic conditions
economic price change
adjustment (FP-EPA) ie. If you are buying someone over the course of 10
years, the price gets adjusted for inflation
When the buyer pays for the work expenses and then
What is a cost- pays the seller a fee for his profit
reimbursable contract? Ie. i am going to give you $200 to paint the room, but
i buy all the materials for it
who burdened the risk the buyer (cost overrun of work expense is covered
with a cost-reimbursable by the buyer/its hard to predict what the cost will be
contract? for materials needed)
what are the three types cost plus fixed fee (CPFF)
of cost-reimbursable Cost plus incentive fee (CPIF)
contract types? cost plus award fee (CPAF)
what is a cost plus fixed This contract is when the buyer pays the work
fee (CPFF) expense and then a fixed fee to the seller for profit
This contract is when the buyer pays the work
What is a cost-plus
expense and an additional fee, if the target is met,
incentive fee (CPIF)?
such as finishing two weeks earlier
This contract is when the buyer pays the work
what is a cost plus award
expense and pays an award fee that is based on
fee (CPAF)
satisfaction of work
QUESTIONS AND CORRECT DETAILED ANSWERS
(VERIFIED ANSWERS) |ALREADY GRADED A+
Save
Terms in this set (266)
clearly outline the deliverables and results
anticipated, including any knowledge transfer from
What should a contract
the seller to the buyer
include
Know the laws and regulations from the local country
that could affect the contract
Scope of work to be performed
Roles and responsibilities
How to perform the work, including locations and
times
Terms and conditions
what should be outlined in
Warranties and penalties
contract?
Payment terms
Termination clauses
Change request process
Incentives
Insurance and performance bonds
what is a fixed price When the buyer pays one flat price (lump sum) for all
contract the work in the contract
who takes on the risk for a the seller
fixed price contract?
, firm fixed price
what are the three types
fixed price incentive fee
of fixed price contracts?
fixed price economic price adjustment
what is a firm fixed price when the price is fixed and cannot be changed
contract
This contract is when the fixed price includes an
what is a fixed price
additional fee for meeting a target set forth in the
incentive fee (FPIF)
contract
This contract is used to adjust the fixed cost over the
what is a fixed price life of the contract because of economic conditions
economic price change
adjustment (FP-EPA) ie. If you are buying someone over the course of 10
years, the price gets adjusted for inflation
When the buyer pays for the work expenses and then
What is a cost- pays the seller a fee for his profit
reimbursable contract? Ie. i am going to give you $200 to paint the room, but
i buy all the materials for it
who burdened the risk the buyer (cost overrun of work expense is covered
with a cost-reimbursable by the buyer/its hard to predict what the cost will be
contract? for materials needed)
what are the three types cost plus fixed fee (CPFF)
of cost-reimbursable Cost plus incentive fee (CPIF)
contract types? cost plus award fee (CPAF)
what is a cost plus fixed This contract is when the buyer pays the work
fee (CPFF) expense and then a fixed fee to the seller for profit
This contract is when the buyer pays the work
What is a cost-plus
expense and an additional fee, if the target is met,
incentive fee (CPIF)?
such as finishing two weeks earlier
This contract is when the buyer pays the work
what is a cost plus award
expense and pays an award fee that is based on
fee (CPAF)
satisfaction of work
