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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.
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Contract Number
A numeric or alpha-numeric
code that serves as a unique contract
identifier.
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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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Contract Record
A report providing detailed
information on the orders or releases placed
for the delivery of goods against a contract so
the volume of contract purchases can be
determined.
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Contract Renewal
A clause in the contract that
allows the contract term or period to renew for
an additional time period as defined in the
current contract.
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Contracting Authority
The authority delegated to
persons for entering into and approving
contracts.
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Contracting Officer
A person with the authority to
enter into, administer, or terminate contracts,
and make related determinations and
findings.
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Contracting Out
The process of establishing
contracts with private suppliers to provide a
product, service, or business process that was
previously provided by the entity’s internal (inhouse)
resources. The entity maintains
responsibility for the provision of the product,
service, or business process. See also:
Insourcing (in-house), Outsourcing.
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Contractor
Any individual or business having a
contract with a governmental body to furnish
goods, services, or construction for an agreedupon
price.
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Contractual Risks
Problems or issues that could arise from the performance of a contract which would hurt the outcomes or operations of the contract.
