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Types Of Contracts And Performance Based Acquistion

1573 words - 7 pages

Types of Contracts and Performance Based Acquisition

Dr. Victor Villarreal
BUS 501
March 8, 2015

Types of Contracts and Performance-Based Acquisition
A contract is a type of written agreement between the two or more entities that is abide by the law. The purpose of the contract is to fix the rights and the responsibilities of the parties according to the agreement. There are different types of contracts that vary with respect to the context of the agreement. A few common types of contracts are discussed as under:-
* Fixed Price Contracts
* Cost Reimbursement Contracts
* Labor/ Hour and Materials Contracts
* Letter Contracts
* Indefinite Delivery Contracts

In ...view middle of the document...

In performance based acquisition the contractor is allowed to implement his best practices in order to produce the desired outcomes. In government sector performance based acquisition focus on the results and outcomes rather than the processes. In such a scenario there is a greater possibility to meet the mission’s goals. (Acquisition, 2011)

Pros and cons of sealed bidding contracts and negotiated contracts
There are different pros and cons of sealed bidding contracts and negotiated contracts. Sealed bidding is more competitive as compared to negotiated contracts. In sealed bidding the Government reward is based in the responsiveness and the responsibility of the contractor. In past sealed bidding was preferred in government acquisitions and contracts buy negotiated contracts are now taking place of sealed bidding gradually. Negotiated contracts are preferred when bidding on the complex procurement projects and when the contractor himself determines that negotiated contract will be better for the best interest of the government. Following are few advantages of negotiated contracts:-
* Government can obtain a reasonable price by negotiations
* Government can obtain the desired delivery schedule
* Government can control the performance of the supplier
* Cooperation of the supplier or contractor can be acquired easily
* Negotiated contracts result in formation of long term relationship between contractor and buyer
Negotiation between the contractor and the buyer can be indicated when there is a complex and difficult project is undergoing. In negotiation risks cannot be determined accurately and protracted production time is required for the project.
On the other hand sealed budding is used when the purchase value of currency is stable and big enough to support high level of investment. There is much time to permit submission, solicitation, evaluation and resolution of the bids. In most of the sealed bidding contracts rewards and decisions are based on price basis. There may be occurrence of competition of more than one bid.
Responsibilities of the contracting officer
Contracting officer is a key personal in successful selection of a contractor and implementation of a contract. The contracting officer is responsible of evaluating the contracts and sub contracts. The real task of contracting officer is to evaluate, monitor and document performance of the contractor under different clauses prescribed in the contract. Key responsibilities of a contracting officer are described as under:-
* Documentation on the performance of the contractor
* To get the information up to which extent the contractor is following the plans defined in the contract
* To get information that contractor is involving small business, veteran business and other sort of reliable businesses in the project
* To gather the information whether the contractor is asking sub-contractors to follow the same sub-contracting plans as defined in...

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