Chapter 1 Flashcards
(25 cards)
What does contract management mean?
Actions of a contract manager to develop solicitations, develop offers, form contracts, perform contracts & close contracts
What are the 2 primary roles of a contract manager?
Buyer & Seller
What is a Buyer?
A contracted party with a need for goods or services to be fulfilled
What is a Seller?
A contracted party tasked with fulfilling a good or service
What is a contract?
A legally enforceable agreement for the sale, purchase, or lease of products, goods, supplies or services, or the construction, alteration, or repair of real property.
What is a bilateral contract? What is considered a bilateral contract?
An agreement between two parties in which each side agrees to fulfill their side of the bargain.
EX: Any sales agreement, lease, or employment contract
What is a unilateral contract?
Requires only one party to commit to an obligation.
What makes a contract legally binding?
- Involves 2 or more parties who possess the capacity to contract
- An agreement: offer, acceptance, & mutual assent
- Demonstrated consideration
- Have a legal purpose
- Be in the correct form
What is an express contract?
Terms are stated in either written or spoken words & assented to by both parties
What is an implied contract?
Partially or wholly inferred from conduct or surrounding circumstances
What is a quasi contract?
Bonus: What is this contract also called?
A contract that creates obligations imposed by law to prevent the unjust enrichment of one person at another’s expense
Bonus: Implied in Law
What is contract performance?
The process of working towards the accomplishment of contractual obligation
What is an Evergreen contract?
A contract that auto renews until termination is agreed upon prior to renew.
What are the 5 domains of Contract Management?
- Develop solicitations
- Develop offer
- Form contract
- Perform contract
- Close contract
What are the 8 specialization areas for contract management?
- Architect-Engineering Services & Construction
- Category Management
- Earned Value Management
- Information Technology
- Internatinal Contract Mangement
- Major Systems
- Research and Development
- Sustainable Development
What are the 4 types of Architect-Engineer Services & Construction Contracts?
- Design
- Design-Bid-Build
- Design-Build
- Two-Phase Design-Build
What does a design contract consist of?
Systems to be used, production process, specs & drawings, & preparation of the cost estimate
What does a Design-Bid-Build contract consist of?
Design and construction are sequential and contracted separately. 2 contracts 2 contractors
What does a Design-Build contract consist of?
Contracts a single entity to for design and construction
What does a Two-Phase Design-Build contract consist of?
Bonus: What is a Two-Phase Design- Build also known as?
pre-construction (collaborative planning and design) and construction
Bonus: Progressive Build
What law backs Qualification Based Selection?
Brooks Act (Pub. L. 95-582)
What are the 7 steps for Qualification Based Selection?
- Public Solicitation
- Submission of annual statement of qualifications (abilities) (RFQ)
- Eval. of annual & project-specific statements
- Develop a list of firms who have submitted to conduct an interview
- Interviews with the firms
- Rank the firms
- Negotiate with the top firm
What is Construction Services?
The construction, alteration, or repair of building structures or other real property and not manufacturing, production personal, furnishing, construction/alteration/repair of a vessel or other personal property
What is a Pre-solicitation Notice?
Issued to stimulate interest and contains details of project nature, volume, location and schedule.
