(3) The auditor is responsible for the scope and depth of the audit. Disposal - upgraded (list new serial number), transferred, sold or destroyed For acquisitions of supplies or services for supporting a contingency operation or facilitating defense against or recovery from nuclear, biological, chemical, or radiological attack, the SAT is (i) $800,000 . 2. Vermilion's Board of Directors has approved an E&D capital budget of $425 million for 2022 which is expected to deliver annual average production of 83,000 to 85,000 boe/d, excluding any impact . The acquisition price of a company is the total consideration paid for the company on an agreed date. The median Series A deal had a pre-money valuation of $20 million. If a fair and reasonable price cannot be established by the contracting officer from the analyses of the data obtained or submitted to date, the contracting officer shall require the submission of additional data sufficient for the contracting officer to support the determination of the fair and reasonable price. (11) Documentation of fair and reasonable pricing. Base year plus 4 option years (5) Brief description (including any part or model numbers of each contract item or. -Performed in the United States. Enter in Column (9) the production costs from your books and records (exclusive of preproduction costs reported in Column (8)) of the units completed as of the cutoff date. . (v) GSA use of the Government purchase card for micro-purchases shall follow the instructions under GSA Order 4200.1A CFO. System for Award Management-www.sam.gov Only used when it is not possible, at the time of award, to accurately estimate the extent or duration of the work or to anticipate future costs with a degree of confidence, -Not the same as Multi-year contracts . D&F are used for Options. The Government has a continuing and direct financial interest in such payments that is unaffected by the initial agreement on prime contract price. (v) Major system or program. Competition Policy FAR 6.101 (vi) A fixed-price incentive contract for the acquisition of a commercial product or commercial service. (a) The prenegotiation objectives establish the Governments initial negotiation position. The head of the contracting activity shall justify the requirement for certified cost or pricing data. Established requirement to use "competitive procedures" in acquiring supplies/services 2.2 Definitions Clause Enter total incurred costs (Total of Columns (8), (9), and (10)). The resulting freeze in assessed values has created sizeable assessment inequality that varies systematically with the value of the parcel. (select all that apply), a. What is significant depends upon the circumstances of each acquisition. Which type of contract arrangement puts the risk Contracting officers shall evaluate and negotiate proposed make-or-buy programs as soon as practicable after their receipt and before contract award. (A) The prior price must be a valid basis for comparison. Trade shows When make-or-buy programs are required, the Government may reserve the right to review and agree on the contractors make-or-buy program when necessary to ensure negotiation of reasonable contract prices, satisfactory performance, or implementation of socioeconomic policies. Cost - the cost of the purchased software 12. excluded. 6.302-6 - National security The contracting officer shall insert the clause at 52.215-18, Reversion or Adjustment of Plans for Postretirement Benefits (PRB) Other Than Pensions, in solicitations and contracts for which it is anticipated that certified cost or pricing data will be required or for which any preaward or postaward cost determinations will be subject to part 31. The Federal Acquisition Regulation (FAR): Answers to Frequently Asked Questions Congressional Research Service 1 Introduction The federal government is the largest buyer of goods and services in the world,1 and executive branch agenciesparticularly the Department of Defensemake most of these purchases.2 Many (although not all) acquisitions by executive branch agencies are subject to the . Option is the most advantageous method of fulfilling the need collecting and analyzing information about capabilities within the market to satisfy agency needs, The extent of market research will vary, depending upon factors such as: This factor measures the degree of support given by the prospective contractor to Federal socioeconomic programs, such as those involving small business concerns, small business concerns owned and controlled by socially and economically disadvantaged individuals, women-owned small business concerns, veteran-owned, HUBZone, service-disabled veteran-owned small business concerns, sheltered workshops for workers with disabilities, and energy conservation. Chapter 3 LS Flashcards | Chegg.com Not Exceeding $700K - Contracting Officer Revenues: ATM operating revenues $ 255,018 $ 291,799 (12.6)%. What are the Competition Requirements for Simplified Acquisitions? Seven statutory exceptions. (1) Format for submission of certified cost or pricing data. (D) The application of audited or negotiated indirect cost rates, labor rates, and cost of money or other factors. Glaxo Holdings had an estimated beta of 1.10 at the end of 1994. . It is not right to use the government card for such purchases. Agencies shall ensure updated information that changes a contracting officers prior final determination is reported into the FAPIIS module of Contractor Performance Assessment Reporting System (CPARS) in the event of a. COR 106 Flashcards | Quizlet Price means cost plus any fee or profit applicable to the contract type. All responsible sources permitted to compete understand why it might be useful to develop estimates of the values of environmental goods in dollar terms. However, the auditor may discuss statements of facts with the contractor. (a) General. (a) General. Before applying profit or fee factors, the contracting officer shall exclude from the pre-negotiation cost objective amounts the purchase cost of contractor-acquired property that is categorized as equipment, as defined in FAR 45.101, and where such equipment is to be charged directly to the contract. (1) The contracting officer shall obtain certified cost or pricing data only if the contracting officer concludes that none of the exceptions in 15.403-1(b) applies. 8(a) Programs (3) Court decision. (3) Format for submission of data supporting forward pricing rate agreements. Strategic market research (1) Contracting officers may require prospective contractors to submit make-or-buy program plans for negotiated acquisitions requiring certified cost or pricing data whose estimated value is $15 million or more, except when the proposed contract is for research or development and, if prototypes or hardware are involved, no significant follow-on production is anticipated. (4) Replace the basic clause with its Alternate IV if certified cost or pricing data are not expected to be required because an exception may apply, but data other than certified cost or pricing data will be required as described in 15.403-3. Also submit any information reasonably required to explain your estimating process (including the judgmental factors applied and the mathematical or other methods used in the estimate, including those used in projecting from known data, and the nature and amount of any contingencies included in the price). (b) Exceptions to certified cost or pricing data requirements. Subcontractor certified cost or pricing data must be accurate, complete and current as of the date of final price agreement, or an earlier date agreed upon by the parties, given on the prime contractors Certificate of Current Cost or Pricing Data. Upon identification of the acquirer and determination of the acquisition date, business combinations are accounted for through the preparation of a Purchase Price Allocation (PPA). a) The authority conferred by Pub. (4) Waivers. This subfactor measures how much the indirect costs contribute to contract performance. the contracting officer or the source selection authority INVOICE: Wide Area Work Flow (WAWF) is a Paperless Contracting. 1.00 1.00 1.00 1.00 1.00 1.00 0.06 1.00 $155.84. Funds are available (2) The contracting officer shall tailor the type of information and level of detail requested in accordance with the specialized resources available at the buying activity and the magnitude and complexity of the required analysis. (1) At a minimum, the contracting officer must use price analysis to determine whether the price is fair and reasonable whenever the contracting officer acquires a commercial product or commercial service (see 15.404-1(b)). -People Who Are Blind or Severely Disabled (NIB/NISH or Ability One) The fees are additional dollars paid to the contractor based upon the contractor meeting or . Depending on your system, you must provide breakdowns for the following basic cost elements, as applicable: (2) All Other. Identification of the justification rationale [see 8.405-6(a) and (b)] and, if applicable, a demonstration of the proposed contractor's unique qualifications to provide the required supply or service. Acquisition Type - purchased, leased, or donated (gift) 8. This form also must be completed before the program official submits the purchase request (PR) package to the Procurement Office. chapter 271 and 41 U.S.C. (5) The contracting officer may request the advice and assistance of other experts to ensure that an appropriate analysis is performed. Identify the following terms and explain their significance. (2) Additional factors. estimates? Enter your redetermination proposal amount. 3. (b) Adequate price competition. While these acquisitions are "accretive" to EPS, they are highly dilutive to cash flows and ACHC's balance sheet. . What are the two types of market research and how do they differ? 2377. The contracting officer should consider whether a contractor or subcontractor has an approved purchasing system, has performed cost or price analysis of proposed subcontractor prices, or has negotiated the subcontract prices before negotiation of the prime contract, in determining the reasonableness of the prime contract price. (c) If, after award, the contracting officer learns or suspects that the data furnished were not accurate, complete, and current, or were not adequately verified by the contractor as of the time of negotiation, the contracting officer shall request an audit to evaluate the accuracy, completeness, and currency of the data. Enter the cutoff date required by the contract, if applicable. "We laugh at [venture] firms that . List of facts or justification Depending upon the estimated dollar value of the acquisition: the contracting officer or the source selection authority. (1) The contracting officer should request field pricing assistance when the information available at the buying activity is inadequate to determine a fair and reasonable price. The ARB Coordinators will review packages, schedule and facilitate Pre-ARB and ARB meetings, capture discussions in board minutes, distribute minutes, and coordinate and document approvals/disapprovals. Disposition of the action should be documented. (a) General. Enter the number of units remaining to be completed under the contract. Article Content - Defense Acquisition University Acquisition valuation methods AccountingTools (1) Contracting officers decision in accordance with the Contract Disputes statute; (2) Board of Contract Appeals decision; or. Capacity is an estimated five-year dollar amount of what an individual could potentially give to the non-profit industry as a whole. . FAR 8.002(2) Services - In establishing the reasonableness of the offered prices, the contracting officer -. Diploma In Nursing At Aga Khan University, The fees are additional dollars paid to the contractor based upon the contractor meeting or . Direct labor hours at specified fixed hourly rates that include wages, overhead, general and administrative expenses, and profit; and If it is conducted in conjunction with a program should-cost review, a separate overhead should-cost review report is not required. (a) The purpose of performing cost or price analysis is to develop a negotiation position that permits the contracting officer and the offeror an opportunity to reach agreement on a fair and reasonable price. For acquisitions with a total estimated value of $100M or more, the SSA shall be an individual other than the PCO. What is the Preferred Method to describe requirements? When this result is negative, place the amount in parentheses. For all other acquisitions, the PCO may serve as the SSA in accordance with FAR 15.303 unless the Agency head or designee appoints another individual. (b) The contracting officers primary concern is the overall price the Government will actually pay. s. tatutory authority. (2) Upon the request of a contractor that was required to submit certified cost or pricing data in connection with a prime contract entered into before July 1, 2018, the contracting officer shall modify the contract without requiring consideration, to replace clause 52.215-13, Subcontractor Certified Cost or Pricing DataModifications, with its Alternate I. The truck is estimated to have a residual value of $4,000 and a useful life of 4 years and 120,000 miles. (f) Evaluation, negotiation, and agreement. AF PGI 5315 Contracting by Negotiation AF PGI 5315.209-90 Solicitation Provisions and Contract Clauses (a) The contracting officer may include language in Section L (or equivalent in a solicitation for the acquisition of a commercial item) substantially the same as the following when a DD Form 254, Contract Security Classification Specification is a requirement at time of award: "The offeror . From 1993 to 2001, Cisco acquired 71 companies, at an average price of approximately $350 million. The contracting officer shall insert the clause at 52.215-9, Changes or Additions to Make-or-Buy Program, in solicitations and contracts when it is contemplated that a make-or-buy program will be incorporated in the contract. )Assumes plantcane crop is sold, and . For example, distributing costs equally among line items is not acceptable except when there is little or no variation in base cost. requires that funds appropriated by Congress be used only for the programs and purposes for which the appropriation was made. Depending on the estimated dollar value of the acquisition, the decision to award may be the KO or designated source selection authority. exceeding the threshold set forth in FAR 15.403-4 and not otherwise exempt, in accordance with FAR 15.403-1(b) ( i.e., adequate price competition, commercial products or commercial services, prices set by law or regulation or waiver). How is it computed? These reviews are accomplished by a multi-functional team of Government contracting, contract administration, pricing, audit, and engineering representatives. (1) Unbalanced pricing may increase performance risk and could result in payment of unreasonably high prices. Increase in Value of Equity. -Consider soliciting at least 3 sources Increase in Value of Equity. This acquisition is conducted under the authority of 41 An acquisition plan may have numerous elements as listed in FAR 7.105; depending upon the estimated cost of the acquisition, these elements include: Statement of need and background Applicable conditions Cost Life cycle costs if applicable Capability or performance Delivery or performance requirements For more information on peer reviews, see DFARS 201.170 and AFARS 5101.170. . -Cost analysis The following five steps should be considered when completing a PPA: Step 1: Determine the fair value of consideration paid; Step 2: Revalue all existing assets and . (1) In those acquisitions that do not require certified cost or pricing data, the contracting officer shall. 1.1 Purpose, Authority, Issuance FAR 8.002(1) - Supplies Explain the basis for the estimates, including identification of any provision for experienced or anticipated allowances, such as shrinkage, rework, design changes, etc. Over $700K - $13.5 Million - Competition Advocate for the procuring activity (not delegable) A document sent to prospective contractors by a Government agency, requesting the submission of offers or information. To the maximum extent practicable Where are Acquisition plans found in the FAR? (ii) Contract cost risk. CONTRACT AWARD: Depending upon the estimated dollar value of the acquisition:. Such information shall be used to determine whether the intrinsic value of an item has been distorted through application of overhead and whether such items should be considered for breakout. (2) Agencies may use another agencys structured approach. What is the Competition Advocate and what are they responsible for? Task Denition and Framework Assume a classier induction problem where each instance is represented with n independent . For example, if certified cost or pricing data were furnished on previous production buys and the contracting officer determines such data are sufficient, when combined with updated data, a waiver may be granted. Enter total estimated cost (Total of Columns (11) and (12)). Depending upon decisions made during the planning phase, the procurement may be informal or formal; the selected competition method may be a phone call, or a written solicitation document. 1. The contracting officer shall establish a follow-up plan to monitor the correction of the uneconomical or inefficient practices. Acquisition valuation involves the use of multiple analyses to determine a range of possible prices to pay for an acquisition candidate. Active Feature-value Acquisition 2.1. (2) Format for submission of data other than certified cost or pricing data. (C) In evaluating assumption of cost risk, contracting officers shall, except in unusual circumstances, treat time-and-materials, labor-hour, and firm-fixed-price, level-of-effort term contracts as cost-plus-fixed-fee contracts. See 86 Fed. plan, develop, execute. What are the 7 Statutory Exceptions to Full and Open Competition? This subsection prescribes policies for establishing the profit or fee portion of the Government prenegotiation objective in price negotiations based on cost analysis. fiscal policy. Greater profit opportunity should be provided contractors that have displayed unusual initiative in these programs. -Restrict solicitation to suppliers of well-known and widely distributed makes or brands. -Agency identification When not using a structured approach, contracting officers shall comply with paragraph (d)(1) of this subsection in developing profit or fee prenegotiation objectives. PART 3--IMPROPER BUSINESS PRACTICES AND PERSONAL CONFLIC, Required Sources of Supplies and Services. Military Construction - 5 years, prohibits federal employees from authorizing an expenditure of funds in excess of the amount available. Sole Source Furnish experienced unit or lot costs (or labor hours) from inception of contract to the cutoff date, improvement curves, and any other available production cost history pertaining to the item(s) to which your proposal relates. (a) When certified cost or pricing data are required, offerors are required to describe any forward pricing rate agreements (FPRAs) in each specific pricing proposal to which the rates apply and to identify the latest cost or pricing data already submitted in accordance with the FPRA. A fiscal year appropriation may be obligated only to meet a legitimate, or bona fide, need arising in the fiscal year for which the appropriation was made. (h)Ensuring that the principles of this subpart are used, as appropriate, for those acquisitions that do not require a written plan as well as for those that do. (9) To the extent such direction has a significant effect on the action, a discussion and quantification of the impact of direction given by Congress, other agencies, and higher-level officials (i.e., officials who would not normally exercise authority during the award and review process for the instant contract action). Capital assets should be valued at cost including all ancillary charges necessary to place the asset in its intended location and condition for use. The research will vary, depending on such factors as urgency, estimated dollar value, complexity, and past experience. PART 2--DEFINITIONS OF WORDS AND TERMS (2) Its Alternate II, if a cost-plus-incentive-fee contract is contemplated. This provision also provides instructions to offerors on how to request an exception from the requirement to submit certified cost or pricing data. The subfactors in paragraphs (d)(1)(i)(A) through (D) of this subsection shall be considered in determining contractor effort, but they may be modified in specific situations to accommodate differences in the categories used by prospective contractors for listing costs-. (v) Review to determine whether any cost data or pricing data, necessary to make the offerors proposal suitable for negotiation, have not been either submitted or identified in writing by the offeror. Current Projects. . A synopsis is a "snapshot" of the requirement that the government is trying to fulfill. (1) When the contracting officer determines that prices agreed upon are based on adequate price competition (see standards in paragraph (c)(1) of this subsection); (2) When the contracting officer determines that prices agreed upon are based on prices set by law or regulation (see standards in paragraph (c)(2) of this subsection); (3) When a commercial product or commercial service is being acquired (see standards in paragraph (c)(3) of this subsection); (4) When a waiver has been granted (see standards in paragraph (c)(4) of this subsection); or. the parent combines the Equity In Subsidiary Earnings with the subsidiary company's revenues less expenses. Government -wide acquisition contracts (GWACS): When performing surveillance on a contract, a COR may be asked to? b. (i) Obtain whatever data are available from Government or other secondary sources and use that data in determining a fair and reasonable price; (ii) Require submission of data other than certified cost or pricing data, as defined in 2.101, from the offeror to the extent necessary to determine a fair and reasonable price ( 10 U.S.C. the expected outcome of an acquisition Which of the following individuals has expressed authority to enter into and administer contracts and is responsible for ensuring? true The choice of contract type to be used in a solicitation depends on the: All of the answers are correct The COR will be evaluating a contractor's performance using the ____ Quality assurance surveillance plan
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