Exam (elaborations)
NIGP CPPO Certification Exam
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NIGP CPPO Certification Exam ...
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NIGP CPPO Certification Exam 2023-2024Surety - ANSWER a pledge or guarantee by an insurance company, bank,
individual or corporation on behalf of a bidder or offeror which protects against
default or failure of the principal to satisfy the contractual obligations.
accountability - ANSWER The principle that employees who accept an
assignment and the authority to carry it out are answerable to a superior or a
higher authority for the outcome.
acceptance - ANSWER 1. Indication that an offeree is bound by the terms of the
offer.
2. An indication by one party of a willingness to act in accordance with the contract
or offer.
3. The assumption of a legal obligation by a party to contract to the terms and
conditions of that contract.
4. The act of receiving by an authorized representative with the intention or
retaining.
competitive sealed bidding - ANSWER Preferred method for acquiring goods,
services and construction for public use in which award is made to the lowest
responsive and responsible bidder, based solely on the response to the criteria set
forth in the invitation for bud; does not include discussions or negotiations with
bidders.
force majeure - ANSWER Unexpected or uncontrollable events including those
caused by nature that can impact the contract price, terms and conditions. these
events are not due to contractor negligence and may excuse contractor
performance during the events and under certain conditions caused by them. Acts
of God or disruptive conditions for which a contractor or carrier will not be held
responsible.
specification - ANSWER A precise description of he physical or functional
characteristics of a product, good or construction item. A description of goods
and/or services. A description of what the purchaser seeks to buy and what a
bidder must be responsive to in order to be considered for award of a contract.
Specifications generally fall under the following categories: design, performance,
combination (design and performance), brand name or approved equal, qualified
, products list and samples. May also be known as a purchasing description.
bid bond - ANSWER An insurance agreement, accompanied by a monetary
commitment, by which a third party (the surety) accepts liability and guarantees
that the bidder will not withdraw the bid.
warranty - ANSWER A promise made by a seller to a buyer that is legally
enforceable. The promise may be expressed or implied and is legally binding.
best practice - ANSWER A business process, activity or operation that is
considered outstanding, innovative or exceptionally creative by a recognized peer
group. It may be considered as a leading-edge activity that has been successfully
adopted or implemented and has brought efficiency and effectiveness to an
organization. It may result in improved productivity, quality, reduced costs and
increased customer service.
return on investment or ROI - ANSWER A calculation used in business to
determine whether a proposed investment is a wise business decision and how
well it will repay the investor. It is calculated as the ratio of the amount gained or
loss relative to the basis. The analysis takes the form of a dynamic model or
statistical model.
estoppel - ANSWER A legal principal that prevents a person from asserting a
position that is inconsistent with his or her prior conduct, if injustice would
thereby result to a person who has changed position in justifiable reliance upon
that conduct. For example, a landlord informs a tenant that there was
construction or a lapse in utility services. If the tenant relies on this statement in
choosing to remain on the premises, the landlord could be barred under the
principle from collecting full rent.
performance based contract - ANSWER A results-oriented contracting method
that focuses on the outputs, quality or outcomes that may tie at least a portion of a
contractor's payment, contractor extensions, or contract renewals to the
achievement of specific, measurable performance standards and requirements.
These contract may include monetary and non-monetary incentives as well as
specific remedies.
fiduciary duty - ANSWER An individual's obligation to serve the best interests of
selected stakeholders, especially those of their employer.
sampling - ANSWER A technique used to avoid examination of each item in a
population, yet will still be able to determine whether the entire population shall
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