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CPPB DOMAIN IV – CONTRACT DEVELOPMENT AND MANAGEMENT EXAM
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CPPB DOMAIN IV – CONTRACT DEVELOPMENT AND MANAGEMENT EXAM...
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CPPB DOMAIN IV – CONTRACTDEVELOPMENT AND MANAGEMENT
EXAM
6 Contract Elements: ANSWER 1) Offer and Acceptance 2) Definiteness 3)
Legal Consideration 4) Mutual Obligation 5)Competitive Parties 6) Legal
Purpose
Contract elements include offer and acceptance. - ANSWER A pledge or
commitment to do or not do something specific in the future. For example,
supply a product or service. An acceptance is an agreement to do something in
ANSWER to an offer.
Definiteness is an essential component of a contract. The material provisions of
an agreement are explicitly stated. Specificity is necessary since imprecise
agreements cannot be enforced.
Element of a Contract: Legal Consideration - Answer Something of
consideration given between parties to make or bind a contract. Usually
regarded a trade of money for products or services.
Contract Element: Mutuality of Obligation - ANSWER An agreement obligates
all parties or none of them.
Contract Elements: Competent Parties - Answer The law defines classes of
people who are capable of engaging into an agreement. Those capable of
making their own decisions.
Element of a Contract: Legal Purpose - Answer The law will not enforce
agreements involving illicit activities. An agreement can only cover what is
permitted by law.
, Type of Contract: Express Contract - Answer When the formal components for
making a contract exist, it is produced, either in writing or orally. Terms and
conditions are deemed express. They include whatever the parties consider
important.
Type of Contract: Implied-In-Fact Contract (ANSWER) Occurs when parts of
the formal contractual provisions are fulfilled by a person's actions rather than
being formally stated in words.
Contract Administration Plan (CAP) - Answer Provides a framework for
effective contract administration, focussing on process, output, and outcome.
Describes how the contract will be administered and managed during its
existence. Typically includes information such as the contracting officer's tasks
and responsibilities, reporting requirements, invoicing procedures, compliance
standards, and any special terms and conditions.
Performance Assessment Plan (PAP) - Answer Based on the contract's technical
requirements and terms and conditions, the entity ensures that it receives the
goods or services to which it is entitled. The focus is on reviewing and assessing
the contractor's performance during contract execution. Used to assess how
successfully the contractor fulfils the requirements and objectives. Typically
defines the performance standards, criteria, and metrics that will be utilised to
evaluate performance. Performance milestones, quality standards, and
evaluation techniques may all be present.
Main difference between CAP and PAP - ANSWER CAP is largely concerned
with the general management of a contract, whereas PAP is expressly designed
to assess and evaluate the contractor's performance against contract-defined
standards and criteria.
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