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Contracting Principles & Regulations Flashcards

7 cards from real FAC practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.

Read the first 7 Contracting Principles & Regulations flashcards as text

  1. A contracting officer awards a contract without obtaining the required written justification for other-than-full-and-open competition. What is the most likely consequence?

    Answer: GAO may sustain a bid protest and recommend corrective action

    GAO can sustain a bid protest challenging the lack of proper J&A documentation and recommend corrective action such as re-competition or termination.

  2. Which FAR clause requires contractors to maintain an adequate accounting system as a condition for receiving cost-reimbursement contracts?

    Answer: FAR 52.215-2

    FAR 52.215-2 (Audit and Records — Negotiation) requires contractors to maintain adequate accounting records accessible to government auditors for cost-reimbursement work.

  3. Under FAR Part 9, a contractor is debarred. What is the standard debarment period?

    Answer: Up to 3 years

    FAR 9.406-4 limits debarment to a period generally not exceeding three years, though longer periods may apply in certain fraud cases.

  4. Which contract type places the MOST financial risk on the government?

    Answer: Cost-Plus-Award-Fee (CPAF)

    Cost-Plus-Award-Fee contracts place the most risk on the government because the government pays all allowable costs plus an award fee that can vary based on subjective performance evaluations.

  5. An agency issues a Request for Proposals (RFP). Under FAR Part 15, which document formally communicates the government's needs and evaluation criteria?

    Answer: The Solicitation

    The solicitation (RFP) is the formal document that communicates requirements, terms, conditions, and evaluation criteria to prospective offerors.

  6. What does the term 'organizational conflict of interest' (OCI) refer to in federal contracting?

    Answer: A situation where a contractor's ability to render impartial assistance is impaired by competing interests

    OCI occurs when a contractor's objectivity or ability to render impartial advice is impaired because of other activities, relationships, or interests.

  7. Under the Service Contract Labor Standards (formerly Service Contract Act), contractors performing service contracts above $2,500 must pay workers at least what?

    Answer: Prevailing wage rates and fringe benefits as determined by the Department of Labor

    The Service Contract Labor Standards require contractors to pay service employees prevailing wage rates and fringe benefits as determined by DOL wage determinations.