Podcast
Questions and Answers
What type of terms and conditions are unique to a specific contract?
What type of terms and conditions are unique to a specific contract?
- Indemnity terms
- Confidentiality terms
- Custom terms (correct)
- Standard terms
How do bid bonds affect competition in the bidding process?
How do bid bonds affect competition in the bidding process?
- Have no impact on competition
- Encourage more bidders
- Increase competition
- Reduce competition (correct)
What is the purpose of having bonds in procurement contracts?
What is the purpose of having bonds in procurement contracts?
- To guarantee financial recovery (correct)
- To reduce bidding costs
- To increase the number of bidders
- To handle contract performance issues
What are the four essential elements of a contract mentioned in the text?
What are the four essential elements of a contract mentioned in the text?
Do preliminary discussions about price and quantity constitute a contract?
Do preliminary discussions about price and quantity constitute a contract?
What is a counteroffer in the context of contracts?
What is a counteroffer in the context of contracts?
What is a characteristic of construction contracts?
What is a characteristic of construction contracts?
In procurement, when is a formal confirmation or acknowledgment used?
In procurement, when is a formal confirmation or acknowledgment used?
When does a unilateral contract typically form in purchasing transactions?
When does a unilateral contract typically form in purchasing transactions?
What is a common feature of cost-reimbursable contracts?
What is a common feature of cost-reimbursable contracts?