CPPB EXAM REVIEW QUESTIONS AND ANSWERS, GRADED A+| latest update 2024/25|

CPPB EXAM REVIEW QUESTIONS AND ANSWERS, GRADED A+ Surety - -A pledge or guarantee by an insurance company, bank, individual, or corporation on behalf of the bidder/proposer to satisfy the contractual obligations. accountability - -the principle that employees who accept an assignment and the authority to carry it out are answerable to a superior for the outcome. acceptance - -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 act in accordance with the contract or offer. 3. The assumption of a legal obligation by a party to a contract, and to the terms and conditions of the contract. 4. The act of receiving the commodity by an authorized representative with the intention of retaining the commodity. May include transfer of title. competitive sealed bidding - -Method for acquiring goods, services, and construction for public use in which award is made to the lowest responsive bid and responsible bidder, based solely on the response to the criteria set forth in the Invitation for Bids (IFB); does not include discussions or negotiations with bidders. force majeure - -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 the contract performance during the events and under certain conditions caused by them. Acts of God or disruptive conditions for which a contract or carrier will not be held responsible. specification - -A precise description of the physical characteristics, quality, or desired outcomes of a commodity to be procured, which a supplier must be able to produce or deliver to be considered for award of a contract. Bid Bond - -An insurance agreement, accompanied by monetary commitment, by which a third party (the surety) accepts liability and guarantees that the bidder will not withdraw the bid. The bidder will furnish bonds in the required amount and if the contract is awarded to the bonded bidder, the bidder will accept the contract as bid, or else the surety will pay a specific amount. warranty - -A promise made by a seller that is legally enforceable. The promise may be expressed or implied and is legally binding. best practice - -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 - -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 amounted gained or lost relative to the basis. The analysis takes the form of a dynamic model or a statistical model. estoppel - -A legal principle 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 might inform a tenant that rent has been reduced, due to construction or lapse in utility service. If the tenant relies on this advice, the landlord could be estopped from collecting rent retroactively.