Cfcm Study Exam Section 1 -2024

What is the primary document of the Federal Acquisition Regulation System? (FAR 1.1) {Ans: FAR, the Federal Acquisition Regulation}What does "buying-in" mean: (FAR 3.5) {Ans: Submitting and offer below anticipated cost expecting to: Increase the contract amount after award and to receive follow-on contracts at artificially high prices to recover losses incurred on the buy-in contract.}Claim (FAR 2.1): {Ans: A written demand or written assertion by one of the contracting parties seeking the payment of money in a sum certain, the adjustment or interpretation of contract terms, or other relief arising under or relating to the contract.}In regards to Contract Execution (FAR 4.1): {Ans: The Contracting Officer's name and official title shall be typed, stamped or printed on the contract.}Deviations from the FAR may be granted to meet the specific needs and requirements of each agency (FAR 1.4) {Ans: Unless precluded by law, executive order or regulation}Federal Procurement Data System (FAR 4.602) provides: {Ans: A comprehensive Web-based tool for assembling, organizing, and presenting contract placement data for the federal government.}