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Fixed-price contract with economic price adjustment (FAR 16.203) Fixed-price contract with prospective price redetermination (FAR 16.205) Fixed-ceiling-price contract with retroactive price redetermination (FAR 16.206) Firm-fixed-price, level-of-effort term contract (FAR 16.207) Fixed-price incentive contract (FAR 16.403) Fixed-price incentive ...
Contract TYPE (see FAR Part 16) (i.e., fixed price (FP), FP with economic price adjustment, cost-reimbursement, incentive, time and materials, IDIQ, letter contracts, agreements under FAR Subpart 16.7, etc.). Note in FAR 52.301 that a clause must be in both the contract and the solicitation but provisions are only in solicitations.
For contracts subject to the Federal Acquisition Regulations, FAR 16.403-1 provides the Government description of FPI. The contract type is implemented by calling out FAR Clause 52.216-16 Incentive Price Revision - Firm Target. This clause captures the Ceiling Price as well as the government share ratio(s). If multiple line items are identified ...
Each business day, the Department of Defense posts information about contracts valued at $6.5 million or more. Investors can find links to the Department's releases by clicking here. The language ...
One applies to fixed-price contracts, another to cost reimbursement contracts, and the third to time and materials or labor hours. [ 5 ] All three of these clauses give the government the right, at any time and without notice to the sureties , to make changes in the work within the general scope of the contract.
Type of acquisition (FAR Part 16, Types of Contracts): There are two main types of contracts – fixed price and cost reimbursement. In deciding which type to use, a Contracting Officer's identification of risk is key.
This is a type of contract that provides for an indefinite quantity of supplies or services during a fixed period of time. The legal origin of IDIQ contracts is the Federal Acquisition Regulation (FAR) section 16.504(a) (48 CFR 16.504). IDIQs are also sometimes called "Task Orders" or "Delivery Order Contracts."
Generally the FAR apply to contract solicitations issued on or after April 1, 1984. [6] Earlier contracts are governed by the prior agency regulations. The principal prior regulations were the Defense Acquisition Regulations [7] and the Federal Procurement Regulations. [8] There have been several major legislative changes over the years.