A cost-plus contract where the buyer covers the expenses for procured goods and services along with a _____________________ of these costs, with the buyer taking on all cost overrun risks.
A formal agreement between the buyer and the seller, which can be oral or written, though written contracts are preferred.
A cost-plus contract type where the buyer pays for the work's cost, plus bonus if specific terms and conditions are met. (Two words)
A document expressing the buyer's intention to establish a contractual relationship with the seller, although not constituting a contract itself. (Three words, of in the middle)
A document provided by the seller to the buyer that includes not only a proposed fee for the work but also information about the seller's skills, reputation, and approaches to completing the contracted work.
Conflicts between the buyer and the seller, often revolving around changes, their attribution, and even the determination of whether a change has occurred. These conflicts, also known as disputes or appeals, are managed and regulated throughout the project in accordance with the contract terms.
A document defining the seller's obligations, the deliverables, and all specifics of the contracted work, similar to a statement of work. Three words, but just the abbreviation here.
A gathering of potential vendors for the project to clarify the contract's statement of work and work-related details. (Two words)
Systems employed by organizations to rate past experiences with each vendor they have previously worked with. These systems can evaluate performance, quality, delivery, and contract compliance. (Two words)
A written communication delivered by the seller to the buyer. This offering encompasses not only the cost associated with the suggested tasks but also encompasses details about the vendor's capabilities, their track record, and strategies for executing the agreed-upon work for the buyer.
A document that obliges the seller to provide a comprehensive description of the work to be performed and/or the product to be delivered, becoming an integral part of the contract between the buyer and the seller. Sometimes it’s just three letters, but it can also be four letters as in this example.
Costs incurred by the project for its existence, such as equipment necessary for project work, project team salaries, and other costs directly associated with the project.
A cost-plus contract that requires the buyer to pay for the cost of procured goods and services plus a set fee for the contracted work, with the buyer assuming the risk of cost overruns. (Two words)
A document issued by the buyer to the seller requesting a proposal to perform the procurement work or deliver the product. Three words, but just the abbreviation here.
A document provided by the seller to the buyer, with the quoted price being the determining factor in the decision-making process.