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CON 090 MODULE 4, DAY 2
Terms in this set (11)
What is contract modification?
It is any written changes in terms of a contract. (FAR 2.101)
What are the different types of contract modifications and what can each type be used for?
Bilateral modification must be signed by both the contracting officer and contractor. It is used for making negotiated equitable adjustments resulting from the issuance of a change order, definitize letter contracts, and to reflect other agreements of parties modifying the terms of the contract (FAR 43.103(a))
Unilateral modification can only be signed by the contracting officer and are used for making administrative changes, issue change orders, make changes authorized by clauses, and issue termination notices (FAR 43.103(b)).
What is a change order?
It is a written order, signed by the contracting officer, directing the contractor to make a change that the change clause authorizes the CO to order without contractor consent (FAR 2.101)
What form shall generally be used to issue contract modification?
Standard form 30. (FAR 43.201)
What is the difference between delivery payment and contract financing payment?
Delivery payments are invoice payments for partial and accepted supplies and services. Contract financing payment are payments of government monies to contractor prior to acceptance of supplies/services by the government.
What is advance payment (noncommercial)?
Advance of money by the government to contractor before, in anticipation of, and for the purpose of complete performance under one or more contracts. (FAR 32.102(a))
What is performance-based payment?
Contract financing payment made on the basis of performance measure by objectives and quantifiable methods, accomplishments of defined events OR other quantifiable measure of results (FAR 32.102(f)).
What is commercial advance payment?
It is a contract financing payment where payment is given to the contractor when no work has been done (FAR 32.202-02).
What is commercial interim payment?
It is a contracting financing payment that is not commercial advance payment or delivery payment. This is given after some work is completed. (FAR 32.001)
What is progress payment based on cost?
It is a contracting financing payment based on costs incurred by the contractor as work progresses under contract. This does not include payments for partial deliveries accepted by the government, payments based on percentage/stage of completion accomplished, partial payments for contract determination proposal, and performance-based contracts. (FAR 32.102(b))
What is progress payment based on percentage or stage of completion?
It is a contracting financing payment that may be used as a payment method under agency procedure. Agency procedure must ensure that payments commensurate with work accomplished and it must meet the quality standards established in the contract. It may not exceed 80% of the eligible cost of work accomplished on a undefinitized contract action (FAR 32.102(e)).
THIS SET IS OFTEN IN FOLDERS WITH...
CON090 Module 4: Day 1
CON090 Module 3: Day 4
CON 090 Module 2: Day 1 (2)
CON090 Module 3: Day 2
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