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Institutional Framework of Federal Acquisitions
Government agencies rely heavy on contracting officers to obtain goods and services at fair prices and in a timely manner. This is possible with the billions of dollars tax dollars entrusted to them annually. Evidently, it is necessary for purchasing agencies along with the Government Accountability Office (GAO) and the Federal Acquisition Regulation (FAR) to create accountability in organizations and continue to improve weaknesses in key areas of federal acquisition (Cameron, 2000).
Importance of fixed price contracts in creating effective, efficient, and accountable acquisition planning
Fixed price contracts refers to contracts that do not need further discussions and engagement in fixing the prices of commodities to be acquired or transferred by an organization. In this contract, a negotiable amount is agreed upon no matter the expenses incurred by the contractor. Fixed price contracts reduce cases of fraud and manipulation of the prices of goods and services under transfer by the Federal Acquisition Regulation agencies. Agencies fix their prices in order to reduce cases of fraud, mistrust, and enable an agreeable pricing of transport and communication costs between the contractor and the government....
This is made possible with FAR connotations that spell fixed pricing in commodities to be acquired. This creates effectiveness and efficiency in arriving at affordable acquisition structures. Fixing the prices of commodities help in reducing possibilities of making loses when fixing the ultimate price of the items in the market. According to FAR regulations, it is necessary to include budget estimates together with derivations on how they were derived. This should be included in the materials under acquisition process, besides funds under contractual terms (Schwalbe, 2010).
Importance of cost reimbursement contracts in creating effective, efficient, and accountable acquisition planning
Cost reimbursement refers to a situation where the contractor is paid all of the allowable expenses to a limit where he or she will be able to access profits. The difference between the contract and fixed price contract is that prices are not negotiable to limits that see the contractor accrue losses. The contractor must access profits in order to make the contract lively. The government obligates funds when a total estimate has been made based on the nature of the contract. Risks of the contract exceed are made by the contracting officer in order to enable the contractor…
References
Cameron, J.G. (2000). A practitioner's guide to construction law. Philadelphia, PA:
American Law Institute-American Bar Association Committee on Continuing
Professional Education
Murphy, J.E. (2009). Guide to contract pricing: Cost and price analysis for contractors, subcontractors, and government agencies. Vienna, VA: Management Concepts
Institutional Framework of Federal Acquisitions The fixed price contract is a vital element in creating effective, efficient, and accountable acquisition planning. Fixed pricing is typically used when the product or service being purchased is fairly easy to determine a fair market value. For example, a fixed price contract might be used to purchase office equipment because the price structure isn't subject to much fluctuation. It also is efficient because it cuts
Federal Government has increased its presence in many ways in the last decade and has supplied much of the economy with its own purchases. These government acquisitions are important because they represent the collective buying power of the American people. The purpose of this essay is to examine the system of regulation that supplies the rules to government purchase entitled the Federal Acquisition Regulation (FAR). To demonstrate the practical
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