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Overview

An accelerated, comprehensive two day course on the practical, legal, accounting, and management systems implications in the use of various contract types.

The United States Government has a great deal of flexibility to acquire services, supplies, and construction by using a variety of contract types.  Each contract type allocates differing degrees of risks assumed by both the contractor and Government for costs and performance of the work, as well as the financial or other incentives that a contractor is able to achieve through successful performance of the work. The Federal Acquisition Regulation (“FAR”) itself states that the objective of any negotiation of contract type is to select a contact vehicle and price/estimated cost and fee that will result in a reasonable contractor risk and provide the contractor with the greatest incentive for efficient and economical performance.

This course is designed for both new and experienced contract professionals. For new Government officials and contractor employees, it explains the different contract types under FAR Part 16 and their uses. For experienced personnel, it is a refresher and an update examining the various contract types and the new, innovative types of contracts in use. It includes an analysis of the financial and other risks inherent in contracting and the role of risk management in fixed-price, cost-reimbursement contracting, and incentive-type contracts, cost principles, as well as other cost accounting and revenue recognition issues faced by contractors under different types of contract vehicles. In fact, risk considerations are the primary drivers behind renewed Congressional interest in moving toward fixed-price contracts.

This course is different from others in that it does more than just explain the differences between the types of contracts permitted by FAR Part 16. Its purpose is to outline the practical, legal, accounting, and management systems implications in the use of each type of contract. Its end objective is to provide both new and experienced employees with a greater understanding of contract implications so that they may better administer and manage their own contracts.

An exceptional faculty with extensive teaching, legal, accounting, and management experience will facilitate the course.

Dates/Locations
No upcoming dates/locations at this time
Agenda
9:00 AM - 4:00 PM
9:00-10:00 am Procurement Methods
  • Simplified Acquisition Procedures
  • Sealed Bidding
  • Contracting by Negotiation
  • Acquisition of Commercial Items
  • Performance-Based Contracts
  • Special Contracting Methods
10:00-11:00 am Contract Types - Description, Application, Management Burdens, Limitations, and Clauses
  • Selecting Contract Types
    • Assessing Contract Risk
    • Sharing Contract Risk
11:00-11:15 am Break

11:15-12:15 pm Contract Types - Description, Application, Management Burdens, Limitations, and Clauses
  • Fixed Price Contracts
    • Firm-fixed-price contracts
    • Fixed-price contracts with economic price adjustment
    • Fixed-price incentive contracts
    • Fixed-price contracts with award fees
12:15-1:15 pm Lunch Break

1:15-2:15 pm Contract Types - Description, Application, Management Burdens, Limitations, and Clauses
  • Fixed Price Contracts
    • Fixed-price contracts with prospective price re-determination
    • Fixed-price contracts with retroactive price re-determination
    • Firm-fixed-price, level-of-effort term contracts
2:15-2:30 pm Break

2:30-4:00pm Contract Types - Description, Application, Management Burdens, Limitations, and Clauses
  • Cost Reimbursement Contracts
    • Cost contracts
    • Cost-Sharing Contracts
    • Cost plus-inventive-fee contracts
    • Cost-plus-award-fee contracts
    • Cost-plus-fixed-fee contracts
DAY TWO

9:00-10:45 am Contract Types - Description, Application, Management Burdens, Limitations, and Clauses
  • Indefinite Deliver Contracts
    • Definite-quantity contracts
    • Requirements contracts
    • Indefinite-quantity contracts
    • Ordering
  • Other Contracts Types
    • Time-and-Materials Contracts
    • Labor-hour contracts
    • Letter contracts
10:45-11:00 am Break

11:00-12:00 pm Contract Types - Description, Application, Management Burdens, Limitations, and Clauses
  • Agreements
    • Basic Agreements
    • Basic Ordering Agreements
12:00-1:00 pm Lunch

1:00-2:00 pm Financial and Accounting Considerations for Different Contract Types
  • Pricing and Cost Estimating
    • Truth in Negotiations Act
    • Submission of Cost or Pricing Data
    • Defective Pricing
  • Indirect Rates
    • Forward Pricing Rates
    • Provisional Billing Rates
    • Revenue Booking Rates
    • Actual Rates
    • Quick Close-Out Rates
2:00-2:15 pm Break

2:15-4:00 pm Financial and Accounting Considerations for Different Contract Types
  • Billing Methods and Revenue Recognition
    • Milestone Billings
    • End Item Billings
    • Cost Vouchers
    • Progress Payments
    • Advance Payments
    • Liquidation Issues
    • Percentage of Completion, Cost-to-Cost Method
    • Commercial Payment Schedule
  • Government Audit Rights
    • Pre-Award Audits
    • Post Award Audits
    • Incurred Cost Submissions
    • System Reviews
  • Contract Close-Out Issues
    • Quick Close-Out Procedures
    • Contract Retentions and Holdbacks
    • Final Billing and Payment
    • Document/Records Retention
Accreditation
See Individual Courses For Available Credits
Certificates of Completion are provided to all seminar participants who attend Federal Publications Seminars courses following the event, upon request.
CPE: Continuing Professional Education
Field of Study: Specialized Knowledge
Delivery Method: Group-Live Classroom
Federal Publications Seminars is affiliated with West Professional Development and is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.
For more information regarding administrative policies such as refunds, cancellations and complaints, please contact Federal Publications Seminars at 888.494.3696.
CPE Hours
This program is eligible for: 13.0 (CPE) hours of credit
Program Level: Basic
Program Prerequisite: None
Advance Preparation: None
Method: Group-Live
CLP: Continuous Learning Points
Approved for CLP by Defense Acquisition University
Defense Acquisition Workforce members must acquire 80 Continuous Learning Points (CLP) every two years from the date of entry into the acquisition workforce for as long as the member remains in an acquisition position per DoD Instruction 5000.66. We will provide you with documentation of points awarded for completing the event.
CLP Hours
This program is eligible for: 11.0 (CLP) hours of credit
CLE: Continuing Legal Education
States have widely varying regulations regarding MCLE credit. LegalEdcenter is an approved provider in AL, AK, AR, CA, GA, IL, ME, MO, MS, NC, ND, NE, NH, NJ, NM, NV, NY, OH, OK, PA, RI, SC, TN, TX, UT, VA, VI, VT, WA, WI, and WV. Credit may be applied for in other jurisdictions on request and in accordance with state MCLE rules.
Please note that because some states are changing their policy on CLE reporting, you will need to fill out the request for credit from Federal Publications Seminars within 10 business days, or we may not be able to issue credits for the program.
CLE Hours
This program is eligible for: 11.0 (60 minutes), 13.0 (50 minutes)
Travel
No travel information is available at this time
Level
  • 100
    Basic or fundamental subject matter is covered. Courses are geared to general knowledge or can be taken as a refresher.
  • 200
    Specific topics or issues within a topic area are covered. Students should be familiar with terms of art and general concepts concerning the course topic.
  • 300
    Workshops and class discussions cover specific subject matter in-depth, and participation is strongly encouraged. Attendees should have at least 2-3 years' experience in the area of study.
  • 400
    Courses build upon students' knowledge and experience, and cover complex issues within the subject matter. Should have 4-5 years' mastery of subject for in-depth analysis.
  • 500
    Masters-level programs designed for professionals with 5+ years' experience. Courses cover in-depth and technical analysis on specific subjects and updates on current issues.