CPPB Exam Prep 2022/2023 update with 100% correct answers

Cost Plus Percentage of Cost Contracts An agreement on a construction project in which the contractor is provided a specified percentage profit over and above the actual costs of construction. These contracts are considered poor business practice because the contractor has little incentive to hold down costs. The type of costing method is prohibited in Federal purchasing. Procurement Includes purchasing, contract administration, inventory, receiving and disposal. 00:02 01:28 Integrity The value of one's words and actions. Competition Provides an incentive to reduce cost and increase quality. Laws Define and control what public agencies may do. ABA American Bar Association ABL Approved Brands List, also Approved Products List [APL] ABA Model Procurement Code for State and Local Government (U S Law) Developed by the ABA and adopted in 1979, it is a collection of statutory principles and policies that provides guidance to public policy managers who wish to responsibly manage public procurement. Stat and large local governments have individually codified it into procurement law and policy to effectively guide their procurement organizations. The code was updated in 2000 and contained enhancements in the following areas: Electronic Commerce, Cooperative Purchasing, Flexibility in Purchasing Methods and Processes for Delivery of Infrastructure Facilities and Services. Also called the Model Procurement Code. Anti Trust Laws State and federal laws enacted to ensure free, fair and open competition by prohibiting monopolies or conspiracies in restraint of trade in interstate and foreign commerce. The Sherman and Clayton Acts are examples of Federal AntiTrust Laws.