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Types of Contracts
May 24 @ 10:00 am - 3:00 pm
One event on September 22, 2022 at 10:00 am
A one day in-depth analysis of the new focus and guidelines on the selection, use, and management of contracts by type. Implications on costs, accounting systems, management, and administration of this new emphasis on all contract vehicles will be examined
There is a new emphasis on Contract Types in Government Contracting. In acquisition planning, Government agencies have been directed to move away from Cost Type Contracts to Firm Fixed-Price Contracts. This emphasis on Fixed-Price Contracts is designed to control costs but it will limit flexibility in certain types of procurements. For Agencies, this course will examine the benefits and risks inherent in all types of contracts. For contractors, this course will explain the accounting and cost implications— especially as they relate to accounting systems in the use of all types of contracts.
Contract administration has become a new focal point in the use of contract types. Recent guidance to procurement officials outlines this new emphasis from Acquisition Planning through Contract Closeout. Managing risk and controlling costs throughout the life cycle of a procurement will be accomplished through greater oversight and vigilance in administration. An in-depth understanding of Contract Types is critical in this new climate of budgetary and expenditures control.
- Demonstrate why it is important to select the most appropriate type of contract and how to do so
- Identify and list the differences between fixed-price and cost contracts
- Demonstrate how incentive contracts work
- Distinguish between how level of effort and indefinite delivery contracts work
- Apply the basic accounting rules that govern government contracting
- Explain what commercial items contracting and performance-based contracting involve
- Demonstrate ways to effectively and efficiently manage different types of contracts
- Calculate the cost implications of specific types of contracts
- Allocate the costs to contracts as prescribed by the regulations