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.
,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.
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.
