Why is important for Procurement professionals to be knowledgeable about procurement law?

  
This essay section of the Final Exam must be posted in your Assignment Folders as one document. It is your responsibility to ensure that your exam is successfully submitted and can be read using MS Word. If I cannot read it, I cannot grade it. The organization, depth, and clarity of responses will be important grading considerations. The exam is an individual assignment. Once you upload your completed exam to your Assignments Folder, please do not make any further revisions. 
Instructions:
1. Insert your name here: __________________
2. Final responses must be consolidated into one MS Word-compatible document.
3. Essay responses are to be single-spaced.
ESSAYS (50 points each. Worth 60% of the total Final Exam grade.) Answer the two essays of your choice. No extra credit is awarded for answering a third. Substantial responses are required to earn full credit. Responses should include original, analytical thought as well as support from our assigned readings and other professional sources (properly cited). You should consider the essays as opportunities to demonstrate your knowledge of the concepts we are covering in ASCM 626. 
1. There are various contract types that contracting professionals can use to meet their internal customers’ requirements. 
a. Discuss at least TWO contract types and the conditions under which each type would be most beneficial for the buying organization. Include specific examples to support your case. 
b. Now, discuss at least TWO DIFFERENT contract types and the conditions under which each type would be most beneficial for the selling organization. Include specific examples to support your case. 
Do NOT simply copy content from the Federal Acquisition Regulation (or any other source). Use your own words and examples to develop your responses.
2. It is said “Everything is negotiable.” You are the Procurement officer for a manufacturing company and given a purchase requirement to buy and support 10 large power generators for the company’s three manufacturing plants. Your company needs them within 90 days to meet existing customer purchase orders. Receiving the generators early would enable your company to win a new high-dollar contract to supply a potential customer with manufactured items. Discuss at least THREE issues apart from the purchase price that you’ll want to address with potential suppliers of the generators. Include in your discussion how the three issues might relate to the basic purchase price of the generators.
3. Why is important for Procurement professionals to be knowledgeable about procurement law? Provide various examples (actual or hypothetical) to fully support your argument.

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