WebMar 16, 2024 · 16.403-1 Fixed-price incentive (firm target) contracts. (a) Description. A fixed-price incentive (firm target) contract specifies a target cost, a target profit, a price ceiling (but not a profit ceiling or floor), and a profit adjustment formula. These elements … (a) General. (1) In general, the contracting officer does not synopsize orders under … Web(i) Provisions for the payment of incentive fees to the contractor, based on achievement of design specification requirements for reliability and maintainability of weapons systems under the contract; or (ii) The imposition of penalties to be paid by the contractor to the
Cost Plus Contract: Everything You Should Know
WebSep 6, 2024 · A cost-plus contract, also known as a cost-reimbursement contract, is a form of contract wherein the contractor is paid for all of their construction-related expenses. Plus, the contractor is paid a specific agreed-upon amount for profit. That’s the “plus”! WebMar 26, 2016 · Fixed price incentive fee (FPIF) contract. A 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. Fixed price with economic price adjustment (FP-EPA) contract. how many users for youtube tv
THE USE OF PERFORMANCE INCENTIVES IN DOD …
Web( ii) One level above the contracting officer for incentive-fee contracts. ( e) Award-fee plans required in FAR 16.401 (e) shall be incorporated into all award-fee type contracts. Follow the procedures at PGI 216.401 (e) when planning to award an award-fee contract. WebFeb 25, 2024 · Within this framework, NASA uses three primary types of cost-plus contracts: cost plus (1) incentive fees, (2) award fees, and (3) fixed fees. Cost-plus-incentive-fee contracts. Under a cost-plus-incentive-fee contract, NASA will pay for the contractor’s costs and remit an additional amount based on the contractor meeting certain project goals. WebDec 29, 2024 · See Incentive Contracts. Cost-plus-award-fee Contracts (CPAF) (FAR 16.305): A cost-plus-award-fee contract is a cost-reimbursement contract that provides for a fee consisting of (a) a base amount (which may be zero) fixed at the inception of the contract and (b) an award amount, based upon a judgmental evaluation by the … how many users facebook 2022