What does Definitized mean in contracting?
“Definitization” means the agreement on, or determination of, contract terms, specifications, and price, which converts the undefinitized contract action to a definitive contract.
What are unpriced contract actions?
An unpriced contract action is a within-scope change for which the terms, specifications or price are not agreed upon prior to start of contractor performance. An unpriced contract action is executed under urgent or uncertain conditions.
Is a UCA a letter contract?
A Letter Contract (FAR 16.603-1)/UCA is a written preliminary contractual instrument that authorizes the Contractor to begin immediately manufacturing supplies or performing services. A Letter Contract/UCA should be as complete and definitive as possible under the circumstances.
What are the risks of using a UCA?
UCA Risks: – Contractors may have little incentive to control costs. – Government may incur unnecessary costs if requirements change before the contract is definitized.
What does Definitized mean?
verb (transitive) to make (something) definitive, specific, or clear.
What is an NTE proposal?
Time and Materials Not to Exceed (T&M NTE)
Often in contracting, I see vendors propose this kind of contract. T&M NTE means that you bill based on effort, but only up to a certain point. Once you hit that limit, you are no longer entitled to bill for additional time. This is different than a fixed-price model.
What are the two 2 basic contracting methods that the government uses?
Federal government contracts are commonly divided into two main types, fixed-price and cost-reimbursement. Other contract types include incentive contracts, time-and-materials, labor-hour contracts, indefinite-delivery contracts, and letter contracts.
What is a UCO in contracting?
Unpriced Change Order . (UCO) means a unilateral change that is within the scope of the contract where the Government and contractor have not reached an agreement, in contract terms, on an equitable adjustment.
What is the meaning of UCA?
UCA
| Acronym | Definition |
|---|---|
| UCA | Universal Common Ancestry (evolutionary theory) |
| UCA | Uniting Church in Australia |
| UCA | Universal Cheerleaders Association |
| UCA | University for the Creative Arts (UK) |
What is a UCA award?
The UCA Person of the Year Award recognizes those individuals who have made significant contributions to the field of tunneling and underground construction and to UCA during the last two to five years as well as sustained involvement in UCA activities.
What is a definitive contract action?
Definitive contract means any contract that must be reported to FPDS other than an indefinite delivery vehicle. This definition is only for FPDS, and is not intended to apply to part 16.
What is a qualified proposal?
(2)The term “qualifying proposal” means a proposal that contains sufficient information to enable complete and meaningful audits of the information contained in the proposal as determined by the contracting officer.
What is an NTE estimate?
Not to Exceed
An estimate of the cost of a project that a potential contractor gives to the firm negotiating a contract. An NTE includes additional funds that might be needed in case something goes wrong.
What does NTE mean in work?
Not To Exceed
Not To Exceed (NTE)
What are the 4 types of government contracts?
The Four Primary Types of Government Contracts
Fixed-price contracts. Cost-reimbursement contracts. Time and materials contracts.
What are the 3 types of contracts?
The three most common contract types include: Fixed-price contracts. Cost-plus contracts. Time and materials contracts.
What is UCA in finance?
The Uniform Credit Analysis, or UCA Cash Flow, is designed to help you identify where the business’s cash is going and how it is being used.
What does NCA stand for?
National Crime Agency: a law-enforcement body, created in 2012, responsible for combating serious and organized crime.
What is a basic ordering agreement?
A basic ordering agreement is a written instrument of understanding, negotiated between an agency, contracting activity, or contracting office and a contractor, that contains (1) terms and clauses applying to future contracts (orders) between the parties during its term, (2)a description, as specific as practicable, of …
What is the difference between purchase order and contract?
Purchase orders are commercial documents while contracts are legally bound documents. Purchase orders do not become legally binding documents until they are accepted by the seller whereas a contract is a legal document from the start.
What is a UCO contract?
What is the first step in the solicitation phase?
39Q: The first step in solicitation and award is to: 39A: Notify industry that a contract need exists and identify parameters of that need.
What does NTE stand for in finance?
NTE. New Therapeutic Entity (Teva Pharmaceutical Industries) NTE. National Trade Estimate.
What is NTE work?
A Notice to Explain (NTE) is a written charge of the employer requiring the employee to explain his side on the allegation of violation of company policies, rules, and procedures, etc. In other companies, NTE is also called Show-Cause Memorandum (SCM), Show-Cause Order (SCO) or any other term.
What is an NTE contract?
A Guaranteed Maximum Price (also known as GMP, Not-To-Exceed Price, NTE, or NTX) contract is a cost- type contract where the contractor is compensated for actual costs incurred plus a fixed fee subject to a ceiling price.