NCMA CFCM flashcards
NCMA CFCM · Build recall with a focused review session.
32 cards. Read the term and the definition here. The deck at the top of this page is optional.
- Competition in Contracting Act
- Federal statute requiring full and open competition in procurement, permitting noncompetitive awards only under the seven exceptions listed in FAR 6.302.
- Micro-purchase threshold
- Generally $10,000, allowing purchases without competitive quotes; raised to $50,000 for contingency operations and defense against cyber or terrorist attack.
- Simplified Acquisition Threshold
- The $250,000 dollar threshold above which full FAR procedures generally apply; below it, simplified acquisition procedures under FAR Part 13 may be used.
- Certified cost or pricing data threshold
- The $2,000,000 threshold above which certified cost or pricing data is required for negotiated contracts unless an exception such as adequate price competition applies.
- Sealed bidding
- A FAR Part 14 method using an invitation for bids, public opening, and award without discussion to the responsive, responsible bidder offering the lowest price.
- Contracting officer warrant
- A written delegation of authority specifying dollar limits and scope; only the warranted contracting officer can bind the Government through contract execution.
- Unauthorized commitment ratification
- The process by which an official with authority approves a commitment made without authority, after legal review and a determination of value received.
- Procurement Integrity Act
- Statute prohibiting disclosure of contractor bid or proposal information and source selection information before award and restricting post-government employment for certain officials.
- Organizational conflict of interest
- A situation in which a contractor's other relationships or activities impair objectivity, requiring avoidance, neutralization, or mitigation under FAR Subpart 9.5.
- Suspension and debarment
- Exclusion of a contractor from Government contracting for up to three years based on causes such as fraud, antitrust violations, or willful noncompliance.
- GAO bid protest deadline
- A protest must be filed with the Government Accountability Office within 10 days after the protester knows or should know the basis of protest.
- Acquisition plan
- A written document required for acquisitions above the simplified acquisition threshold that addresses competition, contract type, source selection, and schedule.
- Market research
- The FAR Part 10 process of gathering information on market capabilities, commercial availability, and pricing before developing a solicitation or acquisition strategy.
- Firm-fixed-price contract
- A contract type in which the contractor bears cost risk and receives a fixed price not subject to adjustment based on actual costs of performance.
- Cost-reimbursement contract
- A contract type paying allowable incurred costs plus a fee, used when requirements are uncertain and cost controls and audit capability exist.
- Cost-plus-percentage-of-cost
- A prohibited contract type in which the fee increases as costs increase, giving the contractor no incentive to control costs.
- Certificate of Current Cost or Pricing Data
- A contractor certification that cost or pricing data submitted is accurate, complete, and current as of the date of agreement on price.
- Justification and approval
- The written document required for a noncompetitive award that explains the exception, is approved at the required level, and is publicly posted.
- Buy American Act
- Statute requiring domestic end products and construction materials be used in Government purchases, subject to cost and availability exceptions.
- Trade Agreements Act
- Statute implementing trade agreements that allows acquisition of end products from designated countries and prohibits acquisition from non-designated countries above threshold.
- Small business set-aside
- A procurement reserved for small business concerns when there is a reasonable expectation that two or more responsible small businesses will offer at fair market price.
- Contracting officer's representative
- An individual appointed in writing to monitor contract performance and perform specified technical duties, but with no authority to change price, terms, or scope.
- Anti-Kickback Act
- Statute prohibiting giving or receiving anything of value to influence the award or performance of a Government contract, with civil and criminal penalties.
- Prompt Payment Act
- Statute requiring agencies to pay proper invoices within 30 days and to pay interest for late payment, with limited exceptions.
- Contract type selection
- The FAR 16.103 process of choosing fixed-price, cost-reimbursement, incentive, or award-fee types based on requirement definition and risk allocation.
- Adequate price competition
- A TINA exception applying when two or more responsible offerors compete independently and price is a substantial factor in award.
- FAR order of precedence
- Statute controls over the FAR, which controls over agency supplements; conflicting contract clauses are unenforceable to the extent of the conflict.
- Agency supplement
- An agency-level regulation such as DFARS, GSAM, or NFS that implements the FAR and may not conflict with it.
- Public interest exception
- A FAR 6.302-7 authority permitting noncompetitive award when the agency head determines competition is not in the public interest.
- Responsiveness versus responsibility
- Responsiveness concerns whether a bid conforms to the solicitation's material terms; responsibility concerns the bidder's capability and integrity to perform.
- Award-fee contract
- A cost-reimbursement or fixed-price incentive type in which a fee pool is earned based on subjective and objective evaluation of contractor performance.
- Procurement ombudsman
- An agency official who reviews complaints from actual or prospective offerors regarding acquisition actions and recommends corrective action.