Procurement Matching_2
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1AgreementsFF20FA type of fixed price contract where the buyer pays the seller a set amount (as defined by the contract), regardless of the seller’s costs.
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2ContractDD20DA fixed-price contract, but with a special provision allowing for predefined final adjustments to the contract price due to changed conditions, such as inflation changes, or cost increases (or decreases) for specific commodities.
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3Cost Plus Award Fee Contracts (CPAF)CC10CA type of contract involving payment to the seller for the seller’s actual costs, plus a fee typically representing seller’s profit. They often include incentive clauses where, if the seller meets or exceeds selected project objectives, such as schedule targets or total cost, then the seller receives from the buyer an incentive or bonus payment.
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4Cost Plus Fixed Fee Contract (CPFF)DD20DA mutually binding agreement that obligates the seller to provide the specified product or service or result and obligates the buyer to pay for it.
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5Cost Plus Incentive Fee Contract (CPIF)EE20EAn agreement that sets the fee that will be paid for a defined scoped of work regardless of the cost or effort to deliver it.
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6Cost-Reimbursable ContractFF20FAny document or communication that defines the initial intentions of a project. This can take the form of a contract, memorandum of understanding (MOU), letters of agreement, verbal agreements, email, etc.
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7Firm-Fixed-Price Contract (FFP)GG10GA type of cost-reimbursable contract where the buyer reimburses the seller for the seller’s allowable costs (allowable costs are defined by the contract), and the seller earns its profit if it meets defined performance criteria.
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8Fixed Price Incentive Fee Contract (FPIF)HH10HA category of contract that involves payments to the seller for all legitimate actual costs incurred for completed work, plus an award fee representing seller profit.
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9Fixed Price with Economic Price Adjustment Contracts (FP-EPA)II10IA type of contract where the buyer pays the seller a set amount (as defined by the contract), and the seller can earn an additional amount if the seller meets defined performance criteria.
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10Fixed-Price ContractsEE20eA type of procurement document whereby the buyer requests a potential seller to provide various pieces of information related to a product or service or seller capability.
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11Invitation for Bid (IFB)KK10KGenerally, this term is equivalent to request for proposal. However, in some application areas, it may have a narrower or more specific meaning.
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12Request for Information (RFI)LL10LA type of cost-reimbursable contract where the buyer reimburses the seller for the seller’s allowable costs (allowable costs are defined by the contract) plus a fixed amount of profit (fee).
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13Time and Material Contract (T&M)MM10MA type of contract that is a hybrid contractual arrangement containing aspects of both cost-reimbursable and fixed-price contracts.
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SCORE:FAIL9.750
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