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Award Phase Quiz

A contract is a promise to provide goods and / or services to one party in return for something of value from that party. To define the goods, services, and something of value in a legal document, the contract must be comprised of __________:

The selection of the type of contract is important because of the cost risk involved. In most cases, the buyer (owner) will attempt to transfer the risk to the seller (project sponsor). The buyer, therefore, will always attempt to award a(n) __________ contract to the seller.

The buyer has not completely defined all the requirements for the project but has enough definition to start. The type of contract that will most likely be awarded while additional requirements are being finalized is the __________ contract.

Contracts may be written in any form that is understandable and enforceable, and often project personnel attempt to be "creative" in developing the document. Given a choice, it is best to __________ to meet the requirements of the project.

A purchase order can be considered a contract with a vendor to provide a number of parts or components that will be used in project implementation. The purchase order becomes a "contract" when it is __________.

The marketplace data often dictates the price of products and services through competitive or noncompetitive supply situations, which will vary from many suppliers to one suppliers. However, __________ is not a market condition.

The contracting process for the negotiation and legal execution is divided into pre-award, award, and post-award phases and five cycles that describe the activities under the phases. the first cycle under the pre-award phase is the __________ cycle.

Project management, as an integration function, has the need to either make or buy components of the system. The decision to make or buy is based on all the following but __________.

A contract is a stand-alone legal document and must be individually managed to ensure the proper performance. Many projects have several contracts to be initiated and executed throughout the life of the project. Therefore, it is best to have a __________ that anticipates and describes the types of contracts required for the project.

Contracts for projects require revisions to meet the project needs as those needs evolve. The correct method of initiating a change to the contract is to prepare a __________ for submission to the customer (buyer).

Tagged as: award phase, award phase, contract
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