Current issue in government contract Essay

The issue is focus on the financial aspect in the company operations. The law is so strict enough in the budget allocated for any accounts which are voluntary. Below is the issue accordingly; auditing the company’s accounts on a voluntarily basis: â€Å"A request from the Secretary General of the Department of Finance to audit, the annual accounts of Campus and Stadium Ireland Development Ltd. I agreed to audit the company’s accounts on a voluntary basis pending the enactment of legislation to put the company and its operations on a statutory footing. The audit, which was completed in June 2001, covered a period from the date it commenced operations on December 10, 1999 to the end of the year 2000. Almost ? 2 million was allocated from the Department of the Taoiseach’s Vote to meet the costs of the company in the initial period. The committee will see from the accounts that something around ? 560,000 of that went to fitting out the offices which were rented in Blanchard town, ? 400,000 went to pay for executive services for the last four months of the year 2000 and ? 313,000 or so went on consultants’ fees (Purcell. http://www. irlgov. ie)†. Corporate governance arrangements, tendering for executive services, fee levels for executive services, credit card expenses and the tax status of the company. I can expand on the specific issues during the course of the examination if the committee so wishes. The main activities of the company during the period of the accounts were developing an architectural and environmental scheme for the company, devising the structure of a competition for the provision of the various facilities on the site and latterly organizing a competition for the provision. In my own opinion of the issue, I could rather say, if the provision issue provides the enhancement of the development of the company’s progress then it is so much advice able to adopt the audit more profoundly. Then continuous monitoring of the results of the issue to the point of view of the rest of the people concerned to either it resulted to a positive outcomes or not. If it has positive outcomes then it would be better to enhance such auditing issue just for the good of the company and all the concern as well. Other Issues â€Å" 1.) A person’s children or other lineal descendants such as grandchildren and great-grandchildren, it does not mean all heirs, but only the direct bloodline. Occasionally, there is a problem in determining whether a writer of a will or deed meant issue to include descendants beyond his or her immediate children. While a child or children are alive, issue refers only to them, but if they are deceased then it will apply to the next generation unless there is language in the document which shows it specifically does not apply to them. This issues looks unfair to the new generation to which no how on how comes they are a part of the problem for infact they just come in existing. 2) n. any matter of dispute in a legal controversy or lawsuit, very commonly used in such phrases as â€Å"the legal issues are,† â€Å"the factual issues are,† â€Å"this is an issue which the judge must decide,† or â€Å"please, counsel, let us know what issues you have agreed upon. † In these issues, as long as it is following the legalities it has to be abided. The judge is the one to promulgate laws that was agreed upon standards. So if it is in my case I don’t need to argue at all though it hurts to accept facts but facts must prevail. 3) v. to send out, promulgate, publish or make the original distribution, such as a corporation selling and distributing shares of stock to its initial investors. I will rather agree to this statement, this is for the reason of visibility to everybody of what was going on the promulgation. There should be participation to everybody’s concern. 4) n. the shares of stock or bonds of a corporation which have been sold and distributed (â€Å"Issue†. http://legal-dictionary. thefreedictionary. com)†. A Problem in Contracts Assurance contracts are a financial technology that facilitates the private creation of public goods and Club goods in the face of the free rider problem. The free rider problem is that there may be actions that would benefit a large group of people, but once the action is taken, there is no way to exclude those who did not pay for the action from the benefits. This leads to a game theoretic problem: all members of a group might be better off if an action was taken, and the members of the group contributed to the cost of the action, but many members of the group may make the perfectly rational decision to let others pay for it, then reap the benefits for free, possibly with the result that no action is taken. The result of this rational game play is lower utility for everyone. â€Å"Assurance contracts operate as follows: In a binding way, members of a group pledge to contribute to action an at least N-1 other members also make the same pledge. If N members sign the pledge (perhaps by a certain expiration date), the action is taken. If the quorum is not reached, the parties are not bound to carry through the action (â€Å"Assurance Contract†. http://en. wikipedia. org)†. â€Å"The binding mechanism may be a contract enforced by a government, a contract enforced by a private organization (e. g. a mediator, a protection agency in an anarcho-capitalist society, etc. ), an escrow organization (in such cases, the â€Å"binding contract† is â€Å"signed† by depositing funds in advance, which are later either disbursed according to the contract, or refunded), etc. Many economists argued that the central planning and bureaucratic directions are necessary to produce public goods. There is at least some types of public good can be produced privately by profit seeking entrepreneurs. A new and more powerful form of assurance contract and discusses, without making rigorous is called a dominant assurance contract. This was contracts that exhibit on the goods or product. There are two problems involved in the production of public goods, the preference revelation problem and the contribution problem. One focus we have for sure is on the contribution problem, how to get agents voluntarily contribute to providing the public good. This will limit the analysis of good, which naturally comes in lumpy quantities, or goods for which we can deduce into an efficient size. If a bridge or road or light house is to built we can probably estimate the efficient size from the information about preferences and technology (Tabarrok, Alexander. March 6, 1996. http://mason. gmu. edu)†. Under this issue we can include the government contracts which were brought to news for publicly seen. A recent decision by the Bankruptcy Court for the Eastern District of Virginia has potentially momentous consequences for bankrupt government contractors and their creditors. â€Å"That court, with jurisdiction over the Virginia suburbs of Washington, D. C. , the primary place of business for many government contractors, has held that the debtor/contractor filing for reorganization of the Bankruptcy Code is not automatically entitled to continue performing its federal contracts. Instead, the government can obtain permission from the bankruptcy court to immediately terminate such contracts (Government Contracts. 1999. http://www. hklaw. com)†. This decision may result in contractor being forced into liquidation proceedings, with little remaining for its creditors. In my own opinion it is inhuman to say getting all proceeding of the debtor on which nothing left for her living. This means that, the same saying killing the debtor for not paying all the debts. It’s too much contract not giving any pardon to debtor itself. If I were to judge I have to see to it that I can make adjustment prior to both the company and the debtor. There must be equal distribution. Government Contract Commitment to the client and the promise of innovative solutions is the core of Government Contracts Consultants. Government Contracts Consultants is organized as a small woman-owned, SBA certified HUB Zone company organized to meet the ever-growing needs of business by providing creative information technology, administrative and acquisition management support services and training to government and commercial clients. Our areas of expertise included. â€Å"M3 Federal Contract Practice Group, LLC. (M3) works on behalf of Prime contractors, Subcontractors, and International companies doing business with the U. S. Government. M3 is a highly recognized U. S. Government contract consultant firm comprised of subject matter experts that focus on and comprehend every element of the federal procurement field from business development, writing winning proposals, contract management, contract closeout, and claim resolution. M3 Federal is the only company within the federal procurement field that provides an all encompassing teaming solution for any company willing to get into the federal procurement field or that has been in the federal field and has complex procurement issues to resolve. M3 Federal Contract Practice Group specializes in all areas of government contracting and federal procurement including (â€Å"M3 Federal Contract†. http://www. m3federal. com): †¢ Contract Claims †¢ Preparation †¢ Submittal †¢ Resolution †¢ Audits †¢ Qui Tam Actions †¢ Fraud †¢ Bid Protests †¢ Proposal Development DoD Facility Clearances †¢ DoD Personnel Clearances †¢ Intellectual Property Rights †¢ Export Regulation & Compliance †¢ Commercial Contracts †¢ Joint Ventures/Teaming Agreements †¢ Contract Administration †¢ GSA Schedules This are all gives us the background of what covers the entire contract. The overview of this contact will focus on business. Business will be better off if it follows a standard to avail. Conclusion: We have dealt with five issues that differ in many ways. Issues has an act by the Government that goes beyond the terms of a Fixed Price Contract, Cost Type, Cost Plus Award Fee, Research & Development Contract, etc. or any contract termination that has a consequential ripple effect upon the entire contract and/or Contractor, impose a substantial risk to the Contractor and require immediate action by the Contractor to ensure no financial denigration to reputation. In the sense of Government contract it is legal and purposely design to make progress not only the company but also the people at large. It is properly impose so that everybody will understand the agreement agreed upon. But in the case of problem issues it is focusing more often to the people who have not agreed to to their previous contract or might be things they fail to do and the other parties tends to claim and will sewed the debtor for example. Also problems sometimes will come out to be in the case of agreement which was not abided. If I will to make sure that agreement should complied I have see to it , that my opponents could make a written not just verbal agreement to whom I can claim even if problem arise. Reference â€Å"Assurance Contract†. http://en. wikipedia. org/wiki/Assurance_contracts â€Å"Issue†. http://legal-dictionary. thefreedictionary. com/issue Government Contracts. 1999. http://www. hklaw. com/Publications/newsletters. asp? ID=70)† â€Å"M3 Federal Contract†. http://www. m3federal. com Purcell. http://www. irlgov. ie/committees-02/c-publicaccounts/020321/Page1. htm Tabarrok, Alexander. March 6, 1996. http://mason. gmu. edu/~atabarro/PrivateProvision. pdf Sovereign acts by the Government, such as dictating to the Contractor, orally or through un-priced or unsigned modifications are a manifestation that you are working to defective specifications and/or performing added scope work. If any of the following conditions apply to your contract, you may be experiencing lost funds and may be entitled to additional mo whether or not the end item meets contract requirements. Any change in this methodology, not covered by a modification, is a delay to the contract and in many cases is considered added scope work entitling the Contractor to be monetarily Contractor must be aware that a rejection, not supported by a specific contract citation is improper, and that a Contractor is not obligated to perform the work until a citation is given or a modification is made to the contract.