Indefinite Delivery Indefinite Quantity (IDIQ) Contract: A contract for supplies/services that does not require or specify a fi– quantity of supplies/services (other than a minimum or maximum quantity) and/or is used when the exact times of future deliveries are not known at the time of contract award. IDIQ contracts are also known as delivery order… Continue reading Indefinite Delivery Indefinite Quantity (IDIQ) Contract
Author: SEC
Independent Government Cost Estimate (IGCE)
Independent Government Cost Estimate (IGCE): Assists the Task Order Contracting Officer in determining the reasonableness of a contractor’s cost and technical proposals. The IGCE is prepared by the requisitioner and submitted as part of the procurement request. It is for GOVERNMENT USE ONLY and should not be made available to the ProTech contractors. Requisitioners may… Continue reading Independent Government Cost Estimate (IGCE)
Incentives
Incentives: Used to encourage better contractor quality performance. They may be either positive, negative, or a combination of both. Incentives may also be monetary or non-monetary. Incentives do not need to be present in every performance-based contract as an additional fee structure. In a fi Us price contract, the incentives would be embodied in the… Continue reading Incentives
Hubzone (Historically Underutilized Business Zone) Small Business Concern
Hubzone (Historically Underutilized Business Zone) Small Business Concern: A small business concern that appears on the “List of Qualified HUBZone Small Business Concerns” maintained by the Small Business Administration.
Firm Fixed-Price Contract
Firm Fixed-Price Contract: A contract suitable for acquiring commercial items or for acquiring supplies or services on the basis of reasonable definite functional or detailed specifications, when the Contracting Officer can establish fair and reasonable prices at the outset.
Federal Acquisition Streamlining Act (FASA)
Federal Acquisition Streamlining Act (FASA): Public Law 103- 355 was enacted in October 1994, and was designed to simplify and streamline the federal procurement process. FASA raised the small purchase threshold from $25,000 to $100,000 and designated this as the simplified acquisition threshold.
“Fair-Opportunity-to-be-Considered” Rule
“Fair-Opportunity-to-be-Considered” Rule: All prime contractors (including their designated subcontractors, if applicable) are considered to possess the basic qualifications for success in the professional and technical services of the contracts awarded to them. Therefore, the statutory and regulatory requirement for “fair opportunity to be considered” (based on the Federal Acquisition Streamlining Act (FASA) and Federal Acquisition… Continue reading “Fair-Opportunity-to-be-Considered” Rule
Cost-Reimbursement Contract
Cost-Reimbursement Contract: A contract that provides for the payment of allowable incurred costs, to the extent prescribed in the contract. These contracts establish an estimate of total cost for the purpose of obligating funds and establishing a ceiling, that the contractor may not exceed (except at its own risk) without the approval of the Contracting… Continue reading Cost-Reimbursement Contract
Cost-Plus-Fixed-Fee Contract
Cost-Plus-Fixed-Fee Contract: A cost-reimbursement contract that provides for payment to the contractor, of a negotiated fee that is fixed at the inception of the contract. The fixed fee does not vary with actual cost, but may be adjusted as a result of changes in the work to be performed under the contract. This contract type… Continue reading Cost-Plus-Fixed-Fee Contract
Cost-Plus-Award-Fee Contract
Cost-Plus-Award-Fee Contract: A cost-reimbursement contract that provides for a fee consisting of a base amount (which may be zero) fixed at the inception of the contract, plus an award amount (based upon a judgmental evaluation by the Government) that is sufficient to provide motivation for excellence in contract performance.