The retail chain is using a vendor to provide engineers for a security camera network design and implementation. Presently, the seller is having issues getting paid from the retailer and chooses to inform the buyer that they are in default of the contract. The seller then decides to remove the engineers from the job site, effectively stopping all project work since they haven’t been paid by the buyer yet. What most accurately describes this situation?

The procurement process at your company is normally extremely complicated and time consuming. A new initiative is put in place to use a qualified sellers list to help make the process more efficient. All of the following are advantages of using a qualified sellers list except....

The agreement could be:

All the followings statements about change control are incorrect EXCEPT:

A seller is working on a cost-reimbursable (CR) contract when the buyer decides he would like to expand the scope of services and change to a fixed-priced (FP) contract. All of the following are the seller’s options EXCEPT:

The retail chain is using a vendor to provide engineers for a security camera network design and implementation. The buyer of the solution is providing requirements that the solution needs to be able to accomplish when the solution is complete. What type of Scope of Work is being utilized on this project?

The contract is expected to cost $280K US. Actual costs are $240K US. There is a 50/50% share for any cost savings. What is the total cost of the contract for the buyer?

The project team is involved in a make-or-buy analysis. The members have decided it is best to buy the products needed instead of creating the products internally. They are evaluating the contract format to use to minimize their risk. This will likely mean shifting the risk to the seller. What type of contract will provide the seller with the most risk when entering into a contract?

The retail chain is using a vendor to provide engineers for a security camera network design and implementation. Presently, the team is negotiating a contract with potential vendors. What is the main goal of negotiations?

The primary objective of contract negotiation is to:

The retail chain is using a vendor to provide engineers for a security camera network design and implementation. Presently, the team is meeting with potential vendors, showing them the details of the work of the project they would be involved in, as well as answering any questions they have about the work before their proposals are submitted. What is this called?

A routine audit of a cost-reimbursable (CR) contract determines that overcharges are being made. If the contract does not specify corrective action, the buyer should:

In a fixed-priced (FP) contract, the fee or profit is:

If a project manager was performing Control Procurements, which of the following duties might he be performing?

The retail chain is using a vendor to provide engineers for a security camera network design and implementation The team has been completing the work they agreed upon. Both parties are communicating via status reports. The seller has submitted the first payment request. In what process is the team involved?

The construction project is beginning the initial stages of procurement. The Project Manager is evaluating the best type of contract for the work. He decides not to use the cost plus fixed fee of cost as the buyer has said they dont want that type of contract. Why is a cost plus fixed fee contract bad for the buyer?

An airport is buying services from a construction company to put in a new runway for $40M US over four years. At the start of each year, the amount fluctuates relative to the national cost of living. This is an example of what type of contract?

All of the following statements concerning procurement documents are incorrect EXCEPT:

The sponsor is worried about the seller deriving extra profit on the cost plus fixed fee (CPFF) contract. Each month he requires the Project manager to submit CPI calculations and an analysis of the cost to complete. The Project manager explains to the sponsor that extra profits should NOT be a worry on this project because:

Once signed, a contract is legally binding unless: