Assignment 3: Contracting and Payment Options Due Week 6 and worth 300 points According to the textbook, when the government wants to purchase a certain product or service, it can use a variety of contracting methods as well as payment terms. Imagine that you are a contracts officer for the Internal Revenue Services (IRS), and your supervisor has tasked you with the purchase of software for processing tax returns. Note: You may create and/or make all necessary assumptions needed for the completion of this assignment. Review the information from the following Websites: •Federal Acquisition Review (FAR) "52.232-1 Payments" •Federal Acquisition Review (FAR) "Subpart 32.9-Prompt Payment" •Prompt Payment Act •Federal Acquisition Review (FAR) "Subpart 532.9-Prompt Payment" •Truth in Negotiations Act (TINA) •Buy American Act Write a six to eight (6-8) page paper in which you: 1.Compare and contrast three (3) payments options and discuss the pros and cons of each. 2.Examine the three (3) elements of the Prompt Payment Act, and provide one (1) example of each. Determine whether or not Congress could make any revisions to each element in order to make prompt payment more seamless. 3.Examine one (1) of the four (4) major areas of limiting government cost. Elaborate on the primary manner in which the government could minimize costs within the area you choose. As a contracts officer for the IRS, propose one (1) strategy that you could use to pair the limiting of government cost with the government's audit rights. 4.Suggest two (2) revisions to the TINA that would lessen the requirements for the government's procurement of technical data and computer software. Provide a rationale for your suggestion. 5.Compare and contrast two (2) of the exceptions to the Buy American Act, and conclude whether or not these exceptions are necessary. Justify your position. 6.Use at least five (5) quality academic resources in this assignment. Note: Wikipedia does not qualify as an academic resource. Your assignment must follow these formatting requirements: •Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions. •Include a cover page containing the title of the assignment, the student's name, the professor's name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length. The specific course learning outcomes associated with this assignment are: •Describe the legal and administrative framework and socio-economic considerations of the federal procurement process. •Explain the basic elements and compliance issues of the federal procurement framework (contract formulation, solicitation, costs, payment, financing, administration, and closeout). •Use technology and information resources to research issues in procurement and contract law. •Write clearly and concisely about procurement and contract law using correct grammar and mechanics. Grading for this assignment will be based on answer quality, logic / organization of the paper, and language and writing skills. Click here to access the rubric for this assignment.