CPPB Exam with answers

CPPB Exam with answers |\ |\ |\




Surety - CORRECT ANSWERS ✔✔A pledge or guarantee by
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an insurance company, bank, individual, or corporation
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on behalf of the bidder/proposer to satisfy the contractual
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obligations.
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accountability - CORRECT ANSWERS ✔✔the principle that |\ |\ |\ |\ |\ |\ |\



employees who accept an assignment and the authority |\ |\ |\ |\ |\ |\ |\ |\



to carry it out are answerable to a superior for the
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outcome.


acceptance - CORRECT ANSWERS ✔✔1. Indication that all |\ |\ |\ |\ |\ |\ |\ |\



parties to the contract agree to be bound by the terms of
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the contract. |\ |\




2. An indication by one party of a willingness to act in
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accordance with the contract or offer. |\ |\ |\ |\ |\ |\




3. The assumption of a legal obligation by a party to a
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contract, and to the terms and conditions of the contract.
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4. The act of receiving the commodity by an authorized
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representative with the intention of retaining the |\ |\ |\ |\ |\ |\ |\



commodity. May include transfer of title. |\ |\ |\ |\ |\




competitive sealed bidding - CORRECT ANSWERS |\ |\ |\ |\ |\ |\



✔✔Method for acquiring goods, services, and construction |\ |\ |\ |\ |\ |\

, for public use in which award is made to the lowest
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responsive bid and responsible bidder, based solely on |\ |\ |\ |\ |\ |\ |\ |\



the response to the criteria set forth in the Invitation for
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Bids (IFB); does not include discussions or negotiations
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with bidders. |\




force majeure - CORRECT ANSWERS ✔✔unexpected or
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uncontrollable events, including those caused by nature |\ |\ |\ |\ |\ |\ |\



that can impact the contract price, terms and conditions.
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These events are not due to contractor negligence and
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may excuse the contract performance during the events
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and under certain conditions caused by them. Acts of God
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or disruptive conditions for which a contract or carrier will
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not be held responsible.
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specification - CORRECT ANSWERS ✔✔A precise |\ |\ |\ |\ |\ |\



description of the physical characteristics, quality, or |\ |\ |\ |\ |\ |\ |\



desired outcomes of a commodity to be procured, which a
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supplier must be able to produce or deliver to be
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considered for award of a contract. |\ |\ |\ |\ |\




Bid Bond - CORRECT ANSWERS ✔✔An insurance
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agreement, accompanied by monetary commitment, by |\ |\ |\ |\ |\ |\



which a third party (the surety) accepts liability and
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guarantees that the bidder will not withdraw the bid. The |\ |\ |\ |\ |\ |\ |\ |\ |\ |\



bidder will furnish bonds in the required amount and if the
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contract is awarded to the bonded bidder, the bidder will
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, accept the contract as bid, or else the surety will pay a
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specific amount. |\




warranty - CORRECT ANSWERS ✔✔A promise made by a
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seller that is legally enforceable. The promise may be
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expressed or implied and is legally binding. |\ |\ |\ |\ |\ |\




best practice - CORRECT ANSWERS ✔✔A business
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process, activity, or operation that is considered
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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
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implemented, and has brought efficiency and |\ |\ |\ |\ |\ |\



effectiveness to an organization. It may result in improved |\ |\ |\ |\ |\ |\ |\ |\



productivity, quality, reduced costs, and increased
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customer service. |\




return on investment or ROI - CORRECT ANSWERS ✔✔A
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calculation used in business to determine whether a |\ |\ |\ |\ |\ |\ |\ |\



proposed investment is a wise business decision and how
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well it will repay the investor. It is calculated as the ratio
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of the amounted gained or lost relative to the basis. The
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analysis takes the form of a dynamic model or a statistical
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model.
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estoppel - CORRECT ANSWERS ✔✔A legal principle that
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prevents a person from asserting a position that is
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