What does AFEC mean in NASA
AFEC stands for Award Fee Evaluation Committee. It is a governmental body that evaluates the performance of companies or contractors that have been awarded a fee in exchange for their services. The goal of the AFEC is to ensure that performance-based awards are being met and that all fees are being properly utilized, allowing governments to get maximum value out of their contracts with private firms. AFEC works closely with government agencies and departments to provide feedback on current contract situations, as well as act as a third-party intermediary in negotiating additional agreements between the two parties.
AFEC meaning in NASA in Governmental
AFEC mostly used in an acronym NASA in Category Governmental that means Award Fee Evaluation Committee
Shorthand: AFEC,
Full Form: Award Fee Evaluation Committee
For more information of "Award Fee Evaluation Committee", see the section below.
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Essential Questions and Answers on Award Fee Evaluation Committee in "GOVERNMENTAL»NASA"
What is an Award Fee Evaluation Committee?
An Award Fee Evaluation Committee (AFEC) is a specially trained group of professionals responsible for evaluating the performance of contractors and making award fee decisions in accordance with contract requirements. AFECs are typically comprised of experts from the nearby government agency who serve to oversee performance and financial considerations between the government and its contractors.
What types of contracts require AFEC review?
All contracts which involve an Award Fee clause will necessitate AFEC review. This includes any type of long-term contracts relating to engineering, construction, operations, and services which have been awarded to a contractor by the US federal government.
What happens during an AFEC evaluation?
During an AFEC evaluation, the panel will analyze all aspects of a contractor’s performance to determine if they are meeting contractual obligations. This can include assessing progress towards task completion, quality of work performed, cost control practices, adherence to timelines, compliance with legal regulations, and overall management effectiveness. Any variables outside of these criteria that have an effect on the project’s success may also be discussed in detail.
When does AFEC review take place?
The timing of AFEC reviews should be outlined in a contract’s Award Fee clause. Generally speaking, reviews occur at least once per year or after any major milestone or goal has been achieved. However, this can vary depending upon circumstances related to the specific project or contract agreement.
Who administers an AFEC evaluation?
Evaluations are administered by representatives from both parties involved in a contract agreement—the contractor and the government agency that has procured their services—in addition to representatives from other federal agencies as invited guests.
Who participates in an AFEC evaluation?
An AFEC evaluation typically includes representatives from both sides of the agreement—the contractor and applicable federal agency—as well as representatives from other federal agencies who participate as invited guests. In order to facilitate impartiality while granting relevant expertise regarding certain facets of performance assessment, it is recommended that those participating in the event are changed regularly throughout successive reviews.
How long does it take for AFEC reviews to be completed?
The length of time it takes for an AWFEE review to be completed depends largely upon how many variables must be considered during the assessment process. Typically, evaluations last anywhere from one day up into multiple days depending on how many topics need discussion and/or quantification before finalizing an assessment score for each criterion evaluated.
What factors are taken into account during an AFEC evaluation?
Aspects such as progress towards task completion, quality of work performed, cost control practices, adherence to timelines, compliance with legal regulations, general management effectiveness, and other relevant areas deemed necessary for consideration by either party will all be taken into account during Afec Reviews. These components paint a clear picture when determining award fees associated with each contractors efforts.
Final Words:
In conclusion, AFEC serves an invaluable role in ensuring governmental accountability when awarding contracts or paying fees for services rendered. By verifying contractor performance throughout project duration using standard criteria set forth in initial agreements, governments can trust that taxpayer dollars are being spent responsibly - maximizing value from limited resources while still creating ample job opportunities available for private firms throughout various industries nationwide.