Term Paper on "Evaluating Contracts"
Term Paper 4 pages (1235 words) Sources: 3
[EXCERPT] . . . .
ContractsOver the last several years, the total number of federal contracts has increased exponentially. Evidence of this can be seen by looking no further than the amount of contracts that were awarded between 2000 and 2008. As, this number increased by: $3.2 trillion dollars, with the total numbers of agreements coming in at $208 billion in 2000. However, by 2008 this amount rose to $527 billion. ("Federal Contract Awards," 2009) This is significant, because it is highlighting how the overall size of federal contracts has increased exponentially.
To understand the benefits as well as drawbacks of these kinds of agreements requires conducting an analysis from: the perspective of the contractor and the federal government. This will be accomplished by: analyzing the merits / demerits of fixed price contracts, the benefits / drawbacks of cost reimbursement contracts, the areas of cost reimbursement agreements that are most challenging for contractors and looking at another kind of contract. Together, these different elements will provide the greatest insights as to the underlying advantages and disadvantages of these kinds of accords.
Analyze the benefits and drawbacks of fixed-price contracts from the perspective of a contractor.
A fixed priced contract is when there is sealed bidding that is taking place. This is when all of the various businesses will enter their bids on: the total costs and estimated time frame for providing the products / services. The basic idea with this approach is to have each contractor, not receive any kind of information on the bids of their competitors. Once this takes place, it means the federal gover
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The biggest benefit of using these kinds of agreements (from the perspective of the contractor) is that this will allow them to independently decide if they can realize a profit off of the project. As this is forcing, businesses to examine their costs and what is the lowest bid that they can enter. While at the same time, still being able realize a profit. This is important, because it helps contractors to bid on those projects that will support their overall bottom line. ("Environmental Management," 2005)
The disadvantages of this system are: it allows for increased amounts of wasteful spending, there can be inevitable cost overruns, financing options may be limited and there are larger amounts of risk that are placed on the contract. These different elements are important, because they are showing how these kinds of agreements can provide contractors with a number of disadvantages. ("Environmental Management," 2005)
Analyze the benefits and drawbacks of cost-reimbursement contracts from the perspective of the federal government.
A cost reimbursement contract is when the project could involve a certain amount of different variables that could have an impact on the costs. In general, these kinds of agreements are issued in lieu fixed price contracts. This is significant, because it is showing how these kinds of accords are often utilized to provide both parties with: increased amounts of flexibility when the costs are unknown. (Carr, 2004)
The benefits of using this system (from the perspective of the federal government) is that it gives them increased amounts of flexibility to make adjustments to possible cost overruns. This helps them to be able to effectively budget for long-term projects such as: airports. While allowing them to: account for uncertainties (i.e. rising commodity prices). During times when the federal government is facing severe budgetary challenges, this will help to reduce waste and control costs. (Carr, 2004)
The different drawbacks of these kinds of agreements include: there must be clearly defined specifications of the kinds… READ MORE
Quoted Instructions for "Evaluating Contracts" Assignment:
“Evaluating Contracts
Write a four to five (4-5) page paper that explores the pros and cons of different types of contracts from both the contractor*****s perspective as well as that of the federal government. The paper should include the following:
1. Analyze the benefits and drawbacks of fixed-price contracts from the perspective of a contractor.
2. Analyze the benefits and drawbacks of cost-reimbursement contracts from the perspective of the federal government.
3. Discuss which element(s) of cost-reimbursement contracts tend to produce the biggest troubles for contractors and why.
4. Select one *****other***** contract type (neither fixed-price nor cost-reimbursement) and explain its pros and cons from the perspective of the federal government.
5. Include at least three references (textbook which is- Stanberry, S. A. (2009). Federal contracting made easy (3rd ed.). Vienna, VA: Management Concepts.) and two appropriate, relevant references).
The format of the paper is to be as follows:
Typed, double-spaced, Times New Roman font (size 12), one-inch margins on all sides (APA format).
Type the question followed by your answer to the question.
In addition to the four to five (4��*****"5) pages required, a reference page and a title page are to be included. The title page is to contain the title of the assignment, your name, the instructor*****s name, the course title, and the date.
NOTE: You will be graded on the quality of your answers, the logic/organization of the report, your language skills, and your writing skills.
How to Reference "Evaluating Contracts" Term Paper in a Bibliography
“Evaluating Contracts.” A1-TermPaper.com, 2011, https://www.a1-termpaper.com/topics/essay/contracts-last-several/996747. Accessed 5 Oct 2024.
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