Contract types are often associated with two broad categories: fixed-price contracts and cost-reimbursable contracts. Briefly identify the factors to consider when determining which type is most appropriate for a planned contract
Key concepts to be covered in the response could include, but are not limited to:
Fixed price contract - An agreement that sets the fee that will be paid for a defined scope of work regardless of the cost or effort to deliver it.
This type of contract is appropriate when the scope and costs are well known, and it is the lowest risk to the buyer.
There are several variations on the Fixed Price Contract such as Fixed-Price-Incentive-Fee (FPIF), which allows adjustments to the price for meeting predefined performance criteria, and Fixed-Price-Economic-Price-Adjustment (FP-EPA) to account for market fluctuations or inflation.
Cost-Reimbursable Contract - Involve payment to the seller for the seller's actual costs plus a fee typically representing the sellers profit.
In this type of contract the project scope or costs are not well known up front, and the cost risk is absorbed by the buyer.
Contract types include Cost-Plus-Fixed-Fee (CPFF) contracts where the buyer reimburses the seller for the seller's allowable costs plus a fixed amount of profit (fee).
Other variations include Cost-Plus-Incentive-Fee (CPFF), Cost-Plus-Award-Fee (CPAF).
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A. SMART goals B. Norms C. Written guidelines D. Leadership rules
The supervisor should ask what kind of questions of the employee during the performance evaluation discussion?
a. Tough b. Direct c. Open-ended d. Closed-ended
Use the following to answer the questions below:On October 1, 2016, the City of Mizner issued $5,000,000 in 4%, general obligation bonds at 101 for the purpose of constructing an addition to City Hall. The premium was transferred to a debt service fund. A total of $4,968,750 was used to construct the addition, which was completed prior to June 30, 2017. The remaining funds were transferred to the debt service fund. The bonds were dated October 1, 2016, and paid interest on April 1 and October 1. The first of 20 annual principal payments of $250,000 is due October 1, 2017. The fiscal year for Mizner is July 1- June 30.How would the construction costs of $4,968,750 be reported at year-end?
A. As a capital asset in the Statement of Net Position only. B. As an expenditure of the capital projects fund only. C. As an expenditure of the capital projects fund and an expense in the government-wide Statement of Activities. D. As an expenditure of the capital projects fund and a capital asset in the government-wide Statement of Net Position.
Once data is sorted into categories, the following step occurs:
a. evaluation b. intervention c. interpretation d. collection