Shared Flashcard Set

Details

FAR 32.7 Contract Funding
Contract Funding
16
Other
Not Applicable
08/24/2015

Additional Other Flashcards

 


 

Cards

Term
Bona-Fide Need Rule
Definition

Purpose, Time, Amount

 

Appropriated Funds be used one for the (purpose) goods and services for which a need arises during (time) the period of that appropriation's availability for obligation.

Term

Limitation of Government Obligating

(LOGO)

Definition

In solicitations and resultant incrementally funded fix-price contracts.

Term

Limitation of Fund

(LOF)

Definition

Used when if an incrementally funded cost-reimbursement contract is contemplated.

Term

Limitation of Cost

(LOC)

Definition

Used when fully funded cost-reimbursement contract is contemplated.

Term

When is it appropriate to fund performance crossing fiscal years?

Definition

Serverable service: period of the contract awarded, option exercised or order placed does not exceed (1) year.

 

Also non-severable service may cross fiscal year.

Term
Incrementally Funded
Definition

Funds obligated to cover the amount alloted and any corresponding increment of fee.

Term
Fully Funded
Definition

Funds are obligated to cover the price (to target price) of a fixed price contract or the estimated cost and any fee cost-reimbursement contract.

Term
Limited Rights
Definition
  • Right to use within Government
  • Obtained when data is developed with privated funds
  • Cannot give data to another contractor

 

Term
Government Purpose Rights
Definition
  • Right to use within Government or provide data to another to be used to satisfy Governemnt need
  • Obtained when data was developed using mixed government and private funds.
  • Right last for five years or per-determined
Term

Appropriation Lifecycle

 

3600 R&D

Definition
  • Obligate 2 years
  •  
  • Expense 5 years
  •  
  • Canceled  4 Years
Term

Appropriation Lifecycle

 

3400 O&M

Definition

Obligate 1 year

 

Expense 5 Years

 

Cancel 5 years

Term

Appropriation Lifecycle

 

3010 Procurement

Definition
  • Obligate 3 Years
  • Expense 5 Years
  • Cancel 3 years

 

Term

Appropriation Lifecycle

 

3050 MILCON

Definition
  • Obligate 5 years
  • Expense 5 Years
  • Cancel 1 Year
Term
Debarred
Definition

Contractor is excluded from Gov't Contracting and Gov't approved subcontracting for reasonable, specified period.

Term
Suspended
Definition

Contractor is disqualifed temporary from Gov't contracting and Gov't Subcontracting.

Supporting users have an ad free experience!