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¶ … 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 usage of this regulation this essay will use four different types of contracts and investigate the details of these rules creating effective, efficient and accountable acquisition planning.
Fixed Price Contracts
The FAR's Subpart 16.2 supplies the necessary information about these types of purchases. According to the text, " Fixed-price types of contracts provide for a firm price or, in appropriate cases, an adjustable price. Fixed-price contracts providing for an adjustable price may include a ceiling price, a target price (including...
Unless otherwise specified in the contract, the ceiling price or target price is subject to adjustment only by operation of contract clauses providing for equitable adjustment or other revision of the contract price under stated circumstances. The contracting officer shall use firm-fixed-price or fixed-price with economic price adjustment contracts when acquiring commercial items."
These types of contracts are useful in acquiring many services because it places much risk upon the contractor to meet the standards presented in this type of agreement. It also ensures that the contractor performs effectively and "imposes a minimum administrative burden upon the contracting parties."
Cost Reimbursement Contracts
Subpart 16.3 of the FAR provides the necessary rules and guidance on cost-reimbursement contracts. These types of contracts supplies the contractor for costs after they are completed. Estimates are used however for effective and…
References
Ashline, L. (2012). Contracting 101: Cost Reimbursement and Cost Plus Contracts.Gov Win Network, 27 Mar 2012. Retrieved from http://govwin.com/lindleyashline_blog/contracting-101-costreimbursement-and- costplus/423992
"Federal Acquisition Regulation (FAR)." Viewed 3 May 2013. Retrieved from http://acquisition.gov/far/index.html
US Small Business Administration. "Federal Acquisition Regulations." Viewed 3 May 2013. Retrieved from http://www.sba.gov/content/federal-acquisition-regulations-far
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