Who manages the federal supply schedule?
the General Services Administration
What is the Federal Supply Service?
The Federal Supply Service (FSS) is a responsible agency working under the General Services Administration (GSA) for operating a global supply system for the federal government.
Which is the least preferred contract type because it places the greatest risk?
Time and materials or Labor hour contracts have the biggest risk to the government. There is no specific deliverable and the government may not get what they want.
What are the types of procurement?
Procurement contracts are the agreements to use certain products and services on a project. The types of procurement contracts and are typically either fixed-price, cost-reimbursable, or time and materials. Some agreements can include more than one of these payment structures on a single procurement contract.
What are the modes of procurement?
ALTERNATIVE METHODS
- Limited Source Bidding.
- Direct Contracting.
- Repeat Order.
- Shopping.
- Negotiated Procurement.
What is time and materials basis?
Time and materials (T&M) is a standard phrase in a contract for construction, product development or any other piece of work in which the employer agrees to pay the contractor based upon the time spent by the contractor’s employees and subcontractors employees to perform the work, and for materials used in the …
What is in pari delicto rule?
Latin for “in equal fault,” in pari delicto connotes that two or more people are at fault or are guilty of a crime. Under the pari delicto doctrine, the parties to a controversy are equally culpable or guilty, they shall have no action against each other, and it shall leave the parties where it finds them.
What are the 5 elements of a contract?
The five requirements for creating a valid contract are an offer, acceptance, consideration, competency and legal intent.
Who is responsible for contract administration?
Contract administration, is, the management of the contract between the employer, or client, and the building contractor. A contract administrator or employer’s agent is required to manage, negotiate, support and execute the contract process.