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Showing results for tags 'Term Contracts'.
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FAR 16.306(d)(2) states "The term form describes the scope of work in general terms and obligates the contractor to devote a specified level of effort for a stated period of time...." I believe it is not necessary to construct a true CPFF-LOE contract in order to implement a term contract. For example, a contract that says ensure the lawn in a given area is maintained at a length not exceeding 2" for a one year period, would be a term contract. I think of a term contract as one where it is clear your obligation ends at the end of the performance period, where a completion contract means you have some sort of deliverable end item wherein the obligation to deliver is not overcome by the end of performance period. At a very simplistic, top-level view, do I have this right?
