CFCM Standards & Best Practices 3

Question 1

Which FAR clause requires contractors to maintain an acceptable estimating system when they frequently receive cost-reimbursement contracts?

Accepted Answer

FAR 52.215-22

Answer

FAR 52.215-22 (Limitations on Pass-Through Charges) and the associated 52.215-21 address contractor business systems including estimating system adequacy requirements for frequent cost-reimbursement awardees.

Question 2

Under best practices for contract administration, a Contracting Officer's Representative (COR) should document contractor performance in the Contractor Performance Assessment Reporting System (CPARS) how often at minimum?

Accepted Answer

Annually

Answer

CPARS regulations require annual evaluations for most contracts, though more frequent interim evaluations may be documented for longer-duration contracts.

Question 3

A Contracting Officer discovers a potential Organizational Conflict of Interest (OCI) after award. What is the FIRST action required under FAR 9.504 best practices?

Accepted Answer

Notify the contractor and assess the impact

Answer

FAR 9.504 requires the CO to assess OCI situations and notify affected parties before taking corrective action, which may include mitigation, waiver, or termination.

Question 4

Which standard establishes the framework for acceptable accounting systems for contractors performing cost-reimbursement contracts?

Accepted Answer

SF 1408 criteria

Answer

SF 1408 (Pre-Award Survey of Prospective Contractor—Accounting System) criteria define the characteristics of an acceptable accounting system for cost-type government contracts.

Question 5

Under the Prompt Payment Act, what is the standard payment due date for construction contracts if no other date is specified?

Accepted Answer

30 days after invoice receipt

Answer

The Prompt Payment Act requires payment within 14 days for meat/perishables, but 30 days is the standard for construction contracts when no other period is specified.

(CFCM) Certified Federal Contracts Manager Practice Test

(CFCM) Certified Federal Contracts Manager Practice Test

CFCM Standards & Best Practices 3