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Multi-year contracts generally lower the risk for the contractor, and thus the unit price paid by the Government. One way to look at this situation is that a multi-year contract contains a real option for the contractor to escape the uncertainty associated with a sequence of single-year contract negotiations (analogous to a put option). Real ...
Performance-based contracting (PBC) or results-based contracting, is a procurement strategy used to achieve measurable supplier performance. A PBC approach focuses on developing strategic performance metrics and directly relating contracting payment to performance against these metrics.
The IMP is a bilateral agreement between the Government and a contractor on what defines the “event-driven” program. The IMP documents the key events, accomplishments, and the evaluation "criteria" in the development, production and/or modification of a military system; moreover, the IMS provides sequential events and key decision points ...
In a three-tier local education authority children begin their compulsory education in a first school [1] or lower school, [2] which caters for children up to the age of 8 or 9. [3] Children then transfer to a middle school , which caters for children from age 9 to age 13 or 14. [ 3 ]
In 1927, a contractor employed African-American workers from Alabama to build a Veterans' Bureau hospital in the district of Congressman Bacon. [6] Prompted by concerns about the conditions of workers, displacement of local workers by migrant workers, and competitive pressure toward lower wages, [7] Bacon introduced the first version of his ...
With three weeks left in the 2024 NFL regular season, it seems likely that at least a few records will be broken. Keep an eye on these marks.
A general contractor, prime contractor or main contractor may hire subcontractors to perform specific tasks as part of an overall project to reduce costs or to mitigate project risks. In employing subcontractors, the general contractor hopes to receive the same or better service than the general contractor could have provided by itself, at ...
Construction in East Village, San Diego. A "Little Miller Act" is a U.S. state statute, based upon the federal Miller Act, that requires prime contractors on state construction projects to post bonds guaranteeing the performance of their contractual duties and/or the payment of their subcontractors and material suppliers.