QUIZ: CONTRACT MANAGEMENT

A contract between two parties in which one party promises to accord a

supplementary remuneration to another party on excellent accomplishments.

Art and science of managing a contractual agreement throughout the

contracting process.

The person or group of people officially authorized to make decisions and represent their firm. This includes signing the contract.

The failure to exercise one’s activity in such a manner that a reasonable person

would do in a similar situation.

______ are also held as part of debriefing sessions whereby the bidders are informed as to why they did not win the contract

_________ can be defined as the acquisition of goods or services.

A promise, either verbal or written, that certain facts are true as represented.

The settling of a dispute by a third party who renders a decision.

In this type of contract all the cost that the seller incurs during the project are charged back to the buyer, and thus the seller is reimbursed costs.

Billing the cost of repairs against a financially closed out project

is called _________.