Search results
Results from the WOW.Com Content Network
The clause for fixed-price contracts specifies that changes may be made to the specifications (including drawings and designs), the method or manner of performance, government-furnished facilities, equipment, materials, services, or site, or acceleration of the work.
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.
Changes clauses give the government the power unilaterally to order contractual modifications; [1] in return, the contract specifies that if the parties are unable to agree on compensation to be received by the contractor for the modified work, the contractor shall be entitled to an equitable adjustment. The goal of an equitable adjustment is ...
According to the PMBOK (7th edition) by the Project Management Institute (PMI), Fixed Price Economic Price Adjustment Contract (FPEPA) is a "fixed-price contract, but with a special provision allowing for predefined final adjustments to the contract price due to changed conditions, such as inflation changes, or cost increases (or decrease) for special commodities".
requests for equitable adjustments, which can be processed under FAR 49.002(c)) (these are essentially modifications under the applicable contract changes clause e.g., FAR 52.212-4 clause) terminations for cause or convenience; for commercial items, there are terminations clause in the FAR 52.212-4 clause.
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 ...
Some savings bonds have fixed interest rates, though they’re subject to change after long periods of time. For example, Series EE Savings Bonds currently earn a 2.60% interest rate, which is ...
This Act enables Simplified Acquisition Procedures where the procurement is limited, facilitates reliance of Commercial off-the-shelf (COTS) technology, and promotes the use of fixed-price Performance Based Contracting. The law alters the United States government procurement strategy from lowest bid to best value.