Week 2 Lesson 4 part 1

gosumewe's version from 2016-08-08 22:42


Question Answer
According to the FAR, contract types vary according to what two factors?Assumed responsibility by the contractor for costs of performance, and contractor profit incentive offered for achieving or exceeding specified standards or goals.
Contract types are grouped into what two broad categories?Fixed price and cost-reimbursement contracts
What contract tyypes are at the opposite ends of the spectrum?Firm-Fixed-price when the contractor has full responsibility for performance costs/ profit, and cost-plus-fixed fee, where the contractor has minimal responsibility for performance profit is fixed.
In between contracts?Various incentive contracts, in which the contractor's responsibility for the performance costs and profit , fee incentives offered are