Good morning FUN with the FAR Friends!
Thank you for joining us for another great episode of FUN with the FAR!
As a follow-up to Wednesday’s session, here are a few facts to ponder as we prepare for our next session of Fun with the FAR:
DID YOU KNOW?
The term of a “multi-year” contract may not be longer than 5 years, unless otherwise authorized by statute. FAR 17.103 and FAR 17.104(a).
DID YOU KNOW?
The Government may terminate a “multi-year” contract for convenience at any time during the life of the contract, for total quantity or partial quantity. FAR 17.104(d). In the event of a termination for convenience, the Government’s obligation shall not exceed the amount specified in the contract’s Schedule as available for contract performance, plus the cancellation ceiling. FAR 17.106-1(h).
DID YOU KNOW?
All “multi-year” contracts are required to include an agreed upon cancellation ceiling. FAR 17.106-1.
DID YOU KNOW?
FAR 17.207(c) lists the determinations that must be made before the contracting officer exercises an option.