Term
| List the 3 names for the procurement process. |
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Definition
| bidding/negotiating/purchasing. |
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Term
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Definition
| An offer to perform a contract for work and labor or supply materials or goods at a specific price. A bid is a response to a solicitation such as an invitation to bid or an advertisement to bid. (PDPG 12.7) |
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Term
| What is a Bid Depository? |
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Definition
| Receives subcontractor bids for identified units of work. These sub-bids, depending on location, are then either analyzed by the client agency with the selected sub-bids assigned to the general contractor. (PDPG 12.7.1.12) |
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Term
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Definition
| Request for Qualification. Usually requested from contractors prior to approaching for bidding. |
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Term
| Negotiation Procedure includes what 8 steps? |
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Definition
An RFP by one participant to another to engage in the negotiation process
Discovery
Pricing procedures
Offer
Counteroffer
Resolution
Award of contract
Execution
(PDPG 12.8.3) |
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Term
| What are the two ways of presenting a project price? |
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Definition
A bid that will be compared with other bids submitted by other prospective
contractors in a competitive process
An offer in the form of a proposal in a negotiation process
(PDPG 12.1) |
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Term
| What are procurement docs called in the negotiation process? |
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Definition
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Term
| What is a Stipulated Sum? |
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Definition
| A Lump Sum. An agreed amount for a described extent of work, based upon complete or partially complete construction documents. |
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Term
| When is a Cost of Work + Fee usually used? |
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Definition
| With negotiated contracts. |
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Term
| What is Cost of Work + Fee? |
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Definition
| he contract calls for compensation for the actual cost of expenses, plus an additional fee for overhead and profit. The fee is usually a percentage of the direct expenses but also may be a fixed fee amount. (PDPG 12.2) |
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Term
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Definition
| Guaranteed Maximum Price. Used with Cost + Fee Pricing |
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Term
| Describe Time and Material with an Estimate of Probably Cost pricing. |
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Definition
| In the owner-contractor agreement, the contactor states the percentage of overhead and profit that will be added to documented labor and material costs incurred while constructing the project and an overall estimate of cost. (PDPG 12.2) |
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Term
| What are the 4 considerations when preparing a project price? |
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Definition
Construction costs
Contingency
Contractor’s overhead
Contractor’s profit |
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Term
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Definition
| Established when two parties agree to be bound in a relationship defined by obligations or promises. Usually, one party agrees to pay money to another party that will provide a service or product. (PDPG 5.3) |
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Term
| What is the recommended sequence for an addendum? |
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Definition
| Changes to previous addenda, changes to procurement requirements, changes to agreements and other contract forms, changes to specifications and drawings. PDPG 11.21 |
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Term
| What are the 8 steps of Negotiation Procedures? |
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Definition
1. An RFP to engage in the negotiation process
2. Discovery
3. Pricing Procedures
4. Offer
5. Counteroffer
6. Resolution
7. Award of contract
8. Execution |
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Term
| What are the 10 essential elements of a contract? |
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Definition
1. Offer and Acceptance
2. Mutual consent
3. Capacity
4. Scope of Work
5. Consideration
6. Good Faith
7. Legality
8. Remedy for breach of contract
9. Written
10. Signatures (authority to sign) PDPG 5.3 |
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