Dictionary of Procurement Terms

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Search Results: 221-230 of 353 results for “C”

  • Contract Completion Date

    The date by which all contract obligations are scheduled to be met.

  • Contract Extension

    An action to change and extend a contract termination date pursuant to a provision in the original contract and typically upon written mutual agreement by both parties. Reasons for a contract extension include an excusable delay, a contractor’s acceptable performance record, unused allocated funding, or agency need for continued service until a new contract is in place. Extension should be based on sound legal advice so as to avoid challenges by other interested suppliers. A contract extension is not the same as a contract renewal. Also called Extension of Contract.

  • Contract Formation

    Planned functions that are to be performed before the parties have signed the contract. Typical contract formation activities include development of the solicitation, scope of work, terms and conditions, and negotiation of a contract that is mutually beneficial for the entity and the contractor.

  • Contract Formation Plan (CFP)

    A planning tool that provides the framework for effective contract administration with an emphasis on process, output, and outcome. The length and detail of the CFP depends on the complexity and potential risk of the contract. Once the CFP is modified after negotiations, it becomes known as the Performance Assessment Plan (PAP).

    See Also: Contract Administration, Performance Assessment Plan (PAP)

  • Contract Goals

    A term generally used in construction projects in seeking a good faith effort on the part of the prime contractor to have a certain level of minority subcontracting participation in the entity’s project.

    See Also: Goals, Set-Aside

  • Contract Management

    The overarching process that includes the functions of both contract formation and contract administration.

    See Also: Surveillance, Contract Administration

  • Contract Modification

    Any written alteration in specifications, delivery point, frequency of delivery, period of performance, price, quantity, or other provisions of the contract, accomplished by mutual agreement of the parties to the contract.

    See Also: Amendment, Authorized Deviation, Change Order, Contract Amendment

  • Contract Number

    An alpha-numeric code that uniquely identifies a contract.

  • Contract Original Amount

    CANADIAN  The original award value for a Contract.

  • Contract Planning

    The process by which the efforts of all personnel responsible for an acquisition are coordinated and integrated through a comprehensive plan for fulfilling the needs of the government in a timely manner and at a reasonable cost.

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