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23 Cards in this Set
- Front
- Back
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Contract Privity
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Legal contract between buyer and seller
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Buyer =
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Client
Customer Prime Contractor |
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Seller =
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Vendor
Contractor Sub-Contractor |
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Plan Procurements
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Make buy decisions to reduce risk of project success
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Teaming Agreements
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Agreement among teams that work together to complete a contract work
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Firm Fixed Price
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- Beneficial to the buyer
- Used when scope is well defined |
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Incentives
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Added only when there is scope for vendor to align with buyer's objective
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Cost Reimburseable
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- Beneficial to the seller
- Used when scope is NOT well defined |
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Time and Material
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used for short-term contracts
Ex. $100/hr or $25/day |
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Point of Total Assumption (PTA)
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Point after which supplier bears all costs
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Source Selection Criteria
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Ways to evaluate vendors after they respond with proposals
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RFI (Request For Information)
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Used for screening purposes
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RFQ (Request for Quotation)
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Used for competitive pricing
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RFP (Request for Proposal)
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Used for complex design or technical proposals
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IFB (Invitation for Bid)
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Used for simple products
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Conduct Procurements
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Get seller responses, evaluate, and pick sellers
Contract is formally signed |
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Bidders Conference
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Distribute Info to all vendors to keep them on same level playground
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Arbitration
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Legal technique outside the court process
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Mediation
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Neutral 3rd party attempts to find compromise
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Retainage
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Portion of contract payment withheld until completion of contract terms
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Produrement Audits
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Routine structured review of all procurement processes
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Claims
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disputed charges
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Alternate Dispute Resolution (ADR)
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Mediation or Arbitration to settle contractual disputes
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