CPCM Contract Closeout and Termination 2

Question 1

Which board or court has jurisdiction over contractor appeals of contracting officer final decisions under the Contract Disputes Act?

Accepted Answer

Armed Services Board of Contract Appeals (ASBCA), Civilian Board of Contract Appeals (CBCA), or U.S. Court of Federal Claims

Answer

U.S. District Court only

Answer

Government Accountability Office (GAO)

Answer

Small Business Administration (SBA) hearing panel

Question 2

A convenience termination settlement proposal should include which of the following?

Accepted Answer

Costs incurred, settlement expenses, and a reasonable profit on work performed prior to termination

Answer

Only future anticipated profits on the terminated work

Answer

All contractor overhead costs for the past three fiscal years

Answer

Costs of bid preparation for the original contract award

Question 3

The quick-closeout procedure under FAR 42.708 is used when:

Accepted Answer

Final audit of indirect rates is not yet complete but negotiating a rate now is cost-effective

Answer

The contract must be closed within 30 days of expiration

Answer

The contractor has filed for bankruptcy before contract completion

Answer

All deliverables are rejected and reprocurement is required

Question 4

In a termination for default, what must the government prove to sustain the default?

Accepted Answer

The contractor failed to perform a material contract requirement and the default was not excusable

Answer

The contractor committed fraud in the original proposal

Answer

The contractor's financial condition worsened after award

Answer

The contractor did not attend required progress meetings

Question 5

What happens to a default termination that the government later determines was improper?

Accepted Answer

It is automatically converted to a termination for convenience

Answer

The contractor must renegotiate the contract from the beginning

Answer

The government must restart the entire procurement

Answer

The contractor loses the right to any settlement payment

Question 6

Records retention requirements for closed government contracts generally require files to be kept for:

Accepted Answer

6 years and 3 months after final payment for most contract files

Answer

2 years after final payment

Answer

3 years after final payment

Answer

10 years after contract award date