Method of sealed bids Study guides, Class notes & Summaries

CIPS - L4M3 Commercial Contracting - CHAPTER 1Difference between Estimate, Quote and Tender (1.1, p. 2) - correct answer Estimate = has no legal standing, simply a 'best guess' by the supplier. *NOT a firm offer*. should be avoided within a commercial contract Tender / Quotation = *both are firm offers* to do something at a quoted rate or price. Tenders are more comprehensive / detailed. Quotation (1.1, p.3) - correct answer - normally used when the only variable is price - T/Cs are of...

Methods of Vendor Selection - ️️1. Competitive Sealed Bidding 2. Competitive Contracting 3. Competitive Quotations 4. Proprietary Purchases 5. Emergency Purchases Contract - ️️Agreement which is legally binding relationship enforceable by law, between a vendor who agrees to provide or perform goods or services and a conbtracting unit which agrees to compensate a vendor as defined by and subject to the terms of the agreement. Forms of NJ Municipal Government - ️️1. Boroughs ...

CPPB Exam Complete Questions and AnswSurety - ANSWER A pledge or guarantee by an insurance company, bank, individual, or corporation on behalf of the bidder/proposer 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 for the outcome. acceptance - ANSWER 1. Indication that all parties to the contract agree to be bound by the terms of the contract. 2. An indicat...

CPPB Prep Guide Quizzes, CPPB Exam | FULL TESTBANK | latest 2023/24 An entity purchases several different types of mobile phones to meet employees' preferences. This is causing inefficiencies. What action can be taken to address and correct the inefficiencies? A. creation of performance specifications B. sole sourcing C. benchmarking D. standardization - standardization A buyer has been invited to join a supplier account rep for lunch to discuss the performance of a contract. How should the...

An entity purchases several different types of mobile phones to meet employees' preferences. This is causing inefficiencies. What action can be taken to address and correct the inefficiencies? A. creation of performance specifications B. sole sourcing C. benchmarking D. standardization - ANSWER standardization A buyer has been invited to join a supplier account rep for lunch to discuss the performance of a contract. How should the buyer respond to the invitation? A. decline the supplier's o...

CPPB Exam Questions and Answers 100% CorrectCPPB Exam Questions and Answers 100% CorrectCPPB Exam Questions and Answers 100% CorrectCPPB Exam Questions and Answers 100% Correct Surety - ANSWER-A pledge or guarantee by an insurance company, bank, individual, or corporation on behalf of the bidder/proposer 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 for the o...

Auctioneer Exam Questions And Answers Auction - ANS method of sale of real or personal property, goods, or chattels, at a predetermined date and time, by means of verbal exchange, regular mail, telecommunications, the internet, an electronic transmission, or a physical gesture between an auctioneer and members of the audience Auctioneer - ANS any person who engages or who by advertising or otherwise holds the person out as being able to engage in the calling for recognition of and t...

Surety - ANSWER A pledge or guarantee by an insurance company, bank, individual, or corporation on behalf of the bidder/proposer 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 for the outcome. acceptance - ANSWER 1. Indication that all parties to the contract agree to be bound by the terms of the contract. 2. An indication by one party of a willingness to ...

CON 090 FAR FUNDAMENTALS Exam Questions and Answers | Latest Update | 100% Verified. Where can I find the FAR? The FAR is available in print from the Government Printing Office as part of the Code of Federal Regulations, or from private publishers. However, it is arguably most conveniently accessed online, where it is available in either PDF or HTML format, at An unofficial version of the FAR is also available at . 3. What agencies are subject to the FAR? The FAR applies to most executiv...

CFCM Final Review Questions and Answers Graded A+ The FAR is prepared, issued, and maintained by: a. The Executive Office of the President. b. The Office of Management and Budget and the General Services Administration. c. The Secretary of Defense, the Administrator of General Services, and the Administrator of the National Aeronautics and Space Administration. d. The National Contract Management Association. - Answer ️️ -c. The Secretary of Defense, the Administrator of General Servi...