NIGP CPPO Certification Flashcards Questions and Answers

Surety - 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. NIGP CPPO Certification Flashcards Questions and Answers