Term
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Definition
| A type of stardard used in competitive negotiations to evaluate a proposal. Includes both the maximum acceptable value and the minimal accceptable value for all selected evaluation criteria. |
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Term
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Definition
| (1) The taking and receiving of anything in good part, and as if it were a tacit agreement to a preceeding act, which might have been defeated or avoided if such acceptance had not been made. (2) Agreement to the terms offered in a contract. An acceptance must be communcated, and (in common law) it must be the mirror image of the offer. |
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Definition
| An inevitable, accidental, or extraordinary event that cannot be foreseen and guarded against, such a lightneing, tornadoes, or earthquakes. |
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| The power that the principal intentionally confers on the agent or allows the agent to believe he or she possesses. |
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Definition
A written an signed statement sworn to under oath. |
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Definition
| A relationship that exists when there is a delegation of authority to perform all acts connected within a particular trade, business, or company. It gives authority to the agent to act in all matters relating to the business of the principal. |
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Definition
| An employee (usually a contract manager) empowered to bind his or her organization legally in contrct negotiations. |
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Definition
| a cost that is reasonable, allocable, and within accepted standards, or otherwise conforms to generally accepted accounting principles, specific limitation or exclusions, or agreed-on terms between contractual parties. |
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Definition
| the power that the principal permits the perceived agent to exercise, although not actually granted. |
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Definition
| A contract phrase referring to the condition of propety to be sold or leased; generally pertains to a disclaimer of liability; proprty sold in as-is condition is generally not guaranteed. |
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Term
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Definition
| To convey or transfer to another, as to assign property, rights. or other interests to another. |
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Term
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Definition
| The best trade-off between competing facotrs for a particular purchase requirement. The key to successful best-value contracting is consideration of life-cycle costs, including the use of quantitative as well as qualitatitve techniques to measure price and technical performance trade-offs between various proposals. The best-value concept applies to acquisitions in which price or price related factors are the not the primary determinant of who receives the contract award. |
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Term
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Definition
| An offer in response to an invitation for bids (IFB). |
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Term
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Definition
| A contract formed if an offer states that acceptance requires only for the accepting party to promise to perform. In contrast, a unliateral contract is frmed if an offer requires actual performance for acceptance. |
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Term
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Definition
| A written instrument executed by a seller and a second party (the surety or sureties) to ensure fulfillment of the principal's obligations to a third party (the obligee or buyer), identified in the bond. If the principal's obligations are not met, the bondensures payment, to the extent stipulated, of any loss sustained by the obligee. |
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Term
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Definition
| (1) The failure, without legal excuse, to perform any promise that forms the whole or part of a contract. (2) The ending of a contract that occurs when one or both of the parties fail to keep their promises; this could lead to arbitration or litigation. |
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Term
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Definition
| The party contracting for goods and/or services with one or more sellers. |
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Term
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Definition
| The withdrawal of the requirement to purchasse goods and/or services by the buyer. |
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Term
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Definition
| An amendment to approved program requirement or specifications after negotiation of a basic contract. It may result in an increase or decrease. |
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Term
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Definition
| A demand by one party to contract for something from another party, usually but not necessarily for more money or more time. Claims are usually based on an arguement that the party making the demand is entitled to an adjustment by virtue of the contract terms or some violation of those terms by the other party. The word does not imply any disagreement between the parties, although claims often lead to disagreements. This book uses the term dispute to refer to disagreements that have become intractable. |
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Term
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Definition
| A statement of one of the rights and/or obligationg of the parties to a contract. A contract consists of a series of clauses. |
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Definition
| A delay for wich the buyer is contractually responsible that excuses the seller's failure to perform and is compensable. |
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Term
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Definition
| Damages that will compensate the injured party for the loss sustainedand nothing more. They are awarded by the court as the measure of actual loss, and not as punishment for outrageous conduct or to deter future transgressions. Compensatory damages are often reffered to as "actual damages." |
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Term
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Definition
| A method of contracting involving a requst for proposals that states the buyer's requirements and criteria for evaluation; submission of timely proposals by a maximum number of offerors; discussions with those offerors foun to be within the competitive range; and the award of a contract to the one offeror whose offer, price, and other consideration factors are most advantageous to the buyer. |
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Term
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Definition
| A condition that activates a term in a contract. |
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Term
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Definition
| A condition that suspends a term in a contract. |
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Term
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Definition
| (1) The thing of value (amount of money or acts to be done or not done) that must change hands between the parties to contract. (2) The inducement to a contract - the cause, motive, price or impelling influence that induces a contractin party to enter into a contract. |
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Definition
| An oral or written act of omission by an authorized or unauthorized agent that is of such nature that it is construed to have the same effect as a written change order. |
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Term
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Definition
| The quality of being contingent or casual; an event that may but does not have to occur; a possiblitity. |
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