Week 4 - VOCABULARY Flashcards
Acceptance
The act, either verbal or written, that conveys assent to contractual terms and conditions
Actual authority
An agent’s (see principal-agent relationship) specific authority that the principal intentionally confers on the agent; confers a power to the agent to affect legal relations of the principals with third parties
Apparent authority
The appearance of being a principal’s agent (see principal-agent relationship) with the power to act for the principal; corporations are liable for an employee’s acts and promises to a third party if it appears to the third party that the employee has been granted authority by his or her corporate employer (principal) to do those acts that bind the corporation.
Appropriation
The act of setting aside money for specific federal government departments, agencies, and programs
Authorization
Establishing or continuing one or more federal agencies or programs, establishing the terms and conditions under which they operate, authorizing the enactment of appropriations, and specifying how appropriated funds are to be used.
Boilerplate
Printer terms and conditions that are frequently found on the back of purchase order forms in contracts, usually attached as “general provisions.”
Buyer
The contracted party with the requirement for goods and/or services to be fulfilled by one or more sellers
-Also called the offeree
Case las
The set of past rulings by judges (and similar tribunals) that meet their respective jurisdictions’ rules for formality to be cited as precedent
Communities of practice
Groups of practitioners and/or subject matter experts sharing common goals and a desire to improve their performance and the performance of their teams and organization.
Contract
A mutually binding legal relationship obligating the seller to furnish supplies or services, and the buyer to provide consideration for them
Contract management
The actions of a contract manager to develop solicitations, develop offers, form contracts, perform contracts, and close contracts
Contract modification
Any written alteration in the specification, delivery point, rate of delivery, contract period, price, quantity, or other provision of an existing contract, accomplished in accordance with a contract clause, which may be unilateral or bilateral
Contract performance
The execution of the terms of a contract; the process of establishing and maintaining communications, and tracking and documenting contract performance
Contracting officer (CP or KO)
- A person with authority to enter into, administer, or terminate government contracts
- Ensures that all requirements of law, executive orders, regulations, and all other applicable procedures, including clearances and approvals, have been met
Enabling technology
Technology that supports an ability to “connect, collect, and collaborate” across the organization
Excusable delay
See force majeure
Explicit knowledge
Formal, codified, and systematic knowledge
Express authority
Authority plainly granted, either verbally or in writing, to an agent by a principal (see principal-agent relationship); direction provided to the agent by the principal to do specific actions
Express warranty
A written statement arising out of a sale to the consumer of a consumer good, pursuant to which the manufacturer, distributor, or retailer undertakes to preserve or maintain the utility or performance of the consumer good or provide compensation if there is a failure in utility or performance
Fair and reasonable price
A price in which the total cost of providing the supplies or services are what would be incurred by a well-managed, responsible firm using reasonably efficient and economical methods of performance, plus a reasonable profit
Fast learning
The ability to learn quickly before, during, and after work is completed as part of getting the work done. It supports the ability to adapt to change
Federal Acquisition Regulation (FAR)
The principal set of rules in the Federal Acquisition Regulations System, which governs the acquisition process by which executive agencies of the United States federal government acquire (i.e., purchase or lease) goods and services by contract with appropriated funds
Force majeure
- An unexpected or uncontrollable event that upsets the plan or releases one from obligation
- Government contracting user the term excusable delay
Free trade agreement
A treaty between two or more countries that do not impose tariffs for commerce conducted across their borders
General agent
An agent (see principal-agent relationship) authorized to conduct a limited series of transactions involving a continuity of series and may be empowered to enter into contracts that are binding on the principal
Good faith
Honesty in fact and the observance of reasonable commercial standards of fair dealing
Implied authority
Authority given by a principal to an agent (see principal-agent relationship) that is not actually expressed or otherwise communicated, which allows the agent to perform all the usual and necessary tasks to exercise the agent’s expressed authority; the direction to do something is not provided expressly from the principal’s words but is implied from what is understood as customary in the industry
Implied warranty
A promise arising by operation of law that something that is sold shall be merchantable and fit for the purpose for which the seller has reason to know that it is required.
Knowledge asset
An accessible and reusable repository of the core knowledge of the organization (information + experience)
Knowledge management (KM)
Continuous performance improvement through building in to the organization the capability to capture, adapt, transfer, and reuse the critical and relevant knowledge of the organization to continuously improve individual team, and organization performance
Market research
The process used for collecting and analyzing information about the entire market available to satisfy the minimum agency needs to arrive at the most suitable approach to acquiring, distributing, and supporting supplies and services
Merchant
A person who deals in goods or otherwise holds itself out by occupation as having knowledge or skill peculiar to the practices or goods involved in the transaction or to which the knowledge or skill may be attributed by the person’s employment
Modification
See contract modification
Organizational Conflict of Interest (OCI)
Exist when the nature of the work to be performed under a proposed contract may, without some restriction on future activities, result in an unfair competitive advantage to the contractor or impair the contractor’s objectivity in performing the contract work; or when, because of other activities or relationships with other persons, a person is unable or potentially unable to render impartial assistance or advice to the government, a person’s objectivity in performing the contract work is or might be otherwise impaired, or a person has an unfair competitive advantage
Personal conflict of interest (PCI)
A situation in which a covered employee has a financial interest, personal activity, or relationship that could impair the employee’s ability to act impartially and in the best interest of the government when performing under the contract
Positive law
A law made by a person or group of people, that obliges or specifies an action; the establishment of specific rights for an individual or group
Principal-agent relationship
A relationship in which one person has legal authority to act for another
- The authority-granting part (a company or government agency) is the principal; the party who receives authority from the principal to act on his or her behalf is called the agent
- The principal is responsible for the acts of the agent and the agent’s acts bind the principal
Procedural knowledge
Knowledge of processes for developing proposals and offers
Ratification
The act of approving an unauthorized commitment by an official who has the authority to do so
Repudiation
- The refusal, especially by a public authority, to acknowledge a contract or debt
- Occurs when one contracting party (Party A) gives the other contracting party (Party B) reason to believe that Party A will not perform the contract through an action or statement; when repudiation occurs, contracting part B may pursue a remedy against contracting part A for breach of contract
Seller
- The contracted party tasked with fulfilling the buyer’s requirement for goods and/or services
- Also called the offeror
Situational assessment
Being acutely aware of what is occurring in the immediate conditions to understand how information, events, and one’s own actions will impact organizational short- and long-term goals and objectives
Special agent
An agent (see principal-agent relationship) whose power and authority are limited to accomplishing a specific assignment; this agent does not have the power or authority to enter into contracts on behalf of the principal
Strategic knowledge
Developing a competitive business strategy to win the contract
Tacit knowledge
Inexplicit knowledge, such as soft skills required during negotiations
Tender
An unconditional offer of money or service in satisfaction of a debt or obligation made to save a penalty or forfeiture for nonpayment or nonperformance
Unauthorized commitment
A nonbinding agreement made by a government representative who lacks the authority to enter into the agreement on behalf of the government
Uniform Commercial Code (UCC)
One of a number of uniform acts that have been put into law with the goal of harmonizing the law of sales and other commercial transactions across the United States of America through UCC adoption by all 50 states, the District of Columbia, and the U.S. territories
Universal agent
An agent (see principal-agent relationship) provided with broad authority to act on behalf of the principal
Warranty
A promise or affirmation given by a seller to a buyer regarding the nature, usefulness, or condition of the supplies or performance of services furnished under the contract
