L4M3 Commercial Contracting Questions

1. A quotation is normally used when the only variable is…..

2. A firm price offer obtained via a formal or informal process and normally relating to price on the basis of indicated quality is called……………..

3. A tender is normally used when….

4. An……………………………has no legal standing

5. Tenders should be used in any of the following two situations. Select any two that are appropriate:

I. For low value, low risk purchases

II. For complex projects

III. Where suppliers have been pre-qualified

IV. For high value and high risk purchases

6. An audit trail is the written or electronic record of what was done, when and by whom. Audit trails are important for one of the following reasons:

7. A document which sets out the detailed requirements for the goods, services or works that a buyer want to procure is called:

8. Conformance specifications can also be called………

9. Conformance specifications focuses on…………………..

10. A specification which allows the supplier to present solutions that the buyer may not have considered is……………