SU-115 – Types of Contracts
Upon completion of this course, you will be able to understand the differences between Fixed Price and Cost Reimbursement contracts, the two major contract categories used by the federal government. You will also learn about the multiple types of contracts within each of these categories as well as how and when they are used to procure items, services, and construction.
By dissecting each contract type, the course focuses on taking you through a step-by-step illustration of the key elements associated with each type of contract and the implications they have on you should you be awarded a contract.
What you will learn in this course:
- About 4 types of fixed price contracts and 5 types of cost reimbursement contracts
- The specific features of each type and what makes them unique
- Three other commonly used contract types which do not fall neatly within each of the two major categories
- The key structural elements of different contract types and what the government procures using a specific type of contract
- How risk plays a major part in the selection of the contract type and the potential effects on you during contract performance
- How to determine whether you are prepared to work within limitations and/or risks associated with a particular contract type