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IDIQ contracts are frequently awarded by various U.S. government agencies, including the General Services Administration (GSA) [6] and Department of Defense. [7] They can be in the form of multi-agency contracts under the Government-Wide Acquisition Contracts (GWAC) system, or they may be government agency-specific contracts. [8]
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 ).
A pure 'fin re' contract for a non-life insurer tends to cover a multi-year period, during which the premium is held and invested by the reinsurer. It is returned to the ceding company - minus a pre-determined profit margin for the reinsurer - either when the period has elapsed, or when the ceding company suffers a loss. 'Fin re' therefore ...
These contracts can be made much more quickly than a typical contract, however they are often fraught with suspicion. After the 2003 war in Iraq, the Halliburton company, previously headed by then vice-president Dick Cheney, was issued a $2 billion no-bid contract for fuel distribution. Speed is usually the rationale for such contracts.
A contract is an agreement that specifies certain legally enforceable rights and obligations pertaining to two or more parties.
It also follows another contract battle carried out in public earlier this year between MultiCare and Regence BlueShield. The health system and Regence made similar arguments against each other ...
Bronny James, the 55th pick in the 2024 NBA Draft, signed a four-year, $7.9 million contract to join his father on the Lakers' roster, according to The Athletic's Shams Charania.
Contract management or contract administration is the management of contracts made with customers, vendors, partners, or employees.Contract management includes negotiating the terms and conditions in contracts and ensuring compliance with the terms and conditions, as well as documenting and agreeing on any changes or amendments that may arise during its implementation or execution.