13B - Select Project Vendors Flashcards
Responses submitted by potential vendors that are prepared in accordance with the requirements stated in the procurement documents.
vendor proposals
A technique used to reduce the number of proposals that have been received to a more concise number for further analysis. In this process, the buyer might use an abbreviated scoring system or internal discussions to remove some proposals from further consideration.
short-listing
A set of methods to evaluate, short-list, and select the vendor.
proposal evaluation techniques
A method for quantifying qualitative data to minimize the influence of personal bias on source selection.
weighting system
One type of weighting system that groups evaluation criteria into general categories and assigns a numerical weight to each category. A vendor is rated on a scale of zero to five for each of the technical criteria. These numbers are totaled and then multiplies by the weighting factor to determine the weighted score for that category.
weighted scorecard
The process of bargaining to come to a mutual agreement regarding the terms and conditions of a contract.
procurement negotiation
An agreement between two or more parties to form a business partnership. It is not legally binding, but is more formal than a “gentlemen’s agreement.”
memorandum of understanding
A contract between an organization that provides a service, and the user of the service. The contract specifies what the customer will receive and the performance standards the provider is obligated to meet.
SLA
What does SLA stand for?
Service Level Agreement
A mutually binding agreement that details the obligations of the buyer and vendor.
contract
Establishes a total price for a product or service. The vendor agrees to perform the work at the negotiated contract value.
fixed-price contract (lump sum contract)
A commonly used contract type favored by most buying organizations because the price for products or services is set at the outset and not subject to change unless the scope of work changes.
FFP contract
What does FFP contract stand for?
Firm Fixed Price contract
A fixed-price contract that is flexible in that it allows for deviation from performance.
FPIF contract
What does FPIF contract stand for?
Fixed Price Incentive Fee contract
Fixed-price contract type with special provisions to allow predefined final adjustments to the contract price due to changed conditions.
FP-EPA contract
What does FP-EPA contract stand for?
Fixed Price with Economic Price Adjustment
This can be a type of fixed-price contract, or a separate document that is appended to a contract. It is sent from a buyer to a vendor with a request for an order. When the vendor accepts the ___, a legally binding contract is formed.
PO
What does PO stand for?
Purchase Order
A contract type that provides vendors a refund of the expenses incurred while providing a service, plus a fee representing vendor profit.
cost-reimbursable contract
A cost-reimbursable contract which ensures that the vendor is reimbursed for all allowable costs for performing the contract work. The vendor receives a fixed fee payment based on the initial estimated project costs.
CPFF contract
What does CPFF contract stand for?
Cost Plus Fixed Fee contract
A cost-reimbursable contract which ensures that the vendor is reimbursed for all allowable costs for performing the contract work. The vendor also receives a predetermined target fee with provision of an incentive fee.
CPIF contract
What does CPIF contract stand for?
Cost Plus Incentive Fee contract
