Assignment 8 Contract Types and Documents

After reading any assigned material and reviewing any provided supplemental material, answer the following questions and submit them on line:

1.    What are three major categories of specifications and how are they used?
2.    Explain why clear and concise specifications are important to the procurement process.
3.    What are the elements of a Fixed Price Contract?
4.    What are the elements of a Cost Reimbursement Contract?
5.    When would you select a Fixed Price or Cost Reimbursement type contract?  Explain your rationale.