Surety - ACCURATE ANSWERS 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 - ACCURATE ANSWERS The principle that employ...
Surety - ACCURATE ANSWERS✔✔ 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 - ACCURATE ANSWERS✔✔ 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 - ACCURATE ANSWERS✔✔ 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 - ACCURATE ANSWERS✔✔ 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 - ACCURATE ANSWERS✔✔ 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 - ACCURATE ANSWERS✔✔ 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 - ACCURATE ANSWERS✔✔ 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 - ACCURATE ANSWERS✔✔ 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 - ACCURATE ANSWERS✔✔ 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 - ACCURATE ANSWERS✔✔ 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 - ACCURATE ANSWERS✔✔ 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 - ACCURATE ANSWERS✔✔ 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.
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