CLC 058 Contract Pricing Exam Questions and Answers 2023

1. Pricing data, cost data, and judgmental information necessary for the contracting officer to determine a fair and reasonable price or to determine cost realism. Such data may include the identical types of data as certified cost or pricing data, but without the certification. The data may also include, for example, sales data and any information reasonably required to explain the offeror's estimating process.

2. Any cost not directly identified with a single final cost objective, but identified with two or more final cost objectives (i.e. contracts) or with at least one intermediate cost objective.

3. The current TINA threshold effective on 1 July 2018 (and in accordance with Defense Pricing and Acqusition Policy (DPAP) Memo, Subject: Certified Cost and Pricing Data, dated 13 April 2018) is $2,000,000. Even though DPAP is now Defense Pricing and Contracting (DPC), the memo is still in effect

4. FAR 15.403-1(c) goes into significant detail on what each of the five exceptions involves, but let's look here at the details for the first exception, adequate price competition. Adequate price competition exists when:(i) Two or more responsible offerors, competing independently, submit priced offers that satisfy the Government's expressed requirement and if?

5. According to FAR 15.402(c), the contracting officer shall not include in a contract price any amount for a specified contingency to the extent that the contract provides for a price adjustment based upon the occurrence of that contingency.

6. While we know that contractors derive their prices from the buildup of individual cost elements such as material, labor, equipment, overhead and profit, we do not evaluate individual elements in price analysis. Instead, we evaluate "bottom line" prices. Take a look at the hypothetical cost breakout below...................