Week 1 Flashcards
What is the difference between purchasing and procuring?
No difference
Define procurement
Procurement is the act of obtaining goods, supplies and/or services.
Therefore, project procurement is obtaining all of the materials and services required for the project. Project procurement management encompasses the processes used for making sure project procurement is successful.
Court system hierarchy
NZ supreme court
Court of appeal
High court
District court
Building act 2004
People who use building can do so safely without endangering their health.
What two types of contracts have to be on paper?
When buying land/property and money.
Contracts are a promise between who?
Between capable parties that create an obligation which is enforced by law.
Uncapable parties?
They are kids.
Privity of contract?
The relation which subsists between two contracting parties. One must establish privity to assign responsibility.
Subcontractors cannot sue anyone who is not directly in a contract with them.
What is a covenant contract?
an agreement
Affirmative covenant?
An affirmative covenant is a type of promise or contract that requires a party adhere to certain terms.
Restrictive covenant?
A restrictive covenant refers to a covenant imposing limits on how land can be used
T or F? Offers can be written or verbal
T
Responsive?
All terms in the solicitation are met satisfactorily
Responsible?
meets the requirements to submit offer
Award metric?
formula by which the owner will determine the successful offerer
