Bidding and Procurement Flashcards
(6 cards)
1
Q
Bid Bond
A
A type of surety bond that provides assurance that the bidder will honor the bid and enter into the contract if selected
2
Q
Performance Bond
A
A surety bond that guarantees the contractor will complete the project according to contract specifications
3
Q
Payment Bond
A
A bond that ensures subcontractors and suppliers will be paid for their work and materials
4
Q
Request for Proposal (RFP)
A
A document that announces a project, describes its requirements, and solicits bids from qualified contractors
5
Q
Request for Qualification (RFQ)
A
A document used to gather and evaluate information about potential suppliers’ or contractors’ capabilities
6
Q
Bid Package
A
A complete set of documents provided to bidders, including plans, specifications, and contract requirements
