PM0018 –CONTRACTS MANAGEMENT IN PROJECTS

 

 

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ASSIGNMENT

 

 

Note: Answer all questions. Kindly note that answers for 10 marks questions should be approximately of 400 words. Each question is followed by evaluation scheme.

 

1 What is E-procurement?

Answer : E-procurement is the business-to-business purchase and sale of supplies and services over the Internet. An important part of many B2B sites, e-procurement is also sometimes referred to by other terms, such as supplier exchange. Typically, e-procurement Web sites allow qualified and registered users to look for buyers or sellers of goods and services. Depending on the approach, buyers or sellers may specify prices or invite bids. Transactions can be initiated and completed. Ongoing purchases may qualify customers for volume

 

 

2 Explain condition for adopting National Competitive Bidding and the requirements of National Competitive Bidding.

 

Answer : Afford opportunity to all eligible prospective bidders from all countries to bid.

 

To be Adopted:

• For packages costing more than the equivalent of US $ 1 Million* (Goods),
• Irrespective of value, where supplies need import and entail payment in foreign currency; and,
• Generally for all contracts in which foreign firms can be expected to participate.

 

 

 

3 List the features of Item Rate contracts and demonstrate how they are different from Lump Sum contracts.

Answer : A rate contract (RC) is a legally binding document that is utilized to create a standard that is used in the purchase of certain types of goods and services. Considered a responsible and practical type of procurement cost reduction strategy, this type of contract can be adapted to a number of situations, allowing a business with an international presence to create different contracts that apply to specific nations or regions, based on the cost of purchasing essential products in those areas. Depending on the type of business operation involved, it is even possible to create a viable rate contract that is applicable to the total global

 

 

4 What is RFP? What are the types of consultancy contract?

Answer : A request for proposal (RFP) is a document that an organization posts to elicit bids from potential vendors for a product or service. For example, a new business or a business moving from a paper-based system to a computer-based system might request proposals for all the hardware, software, and user training required to establish and integrate the new system into the organization. Another business might draft an RFP for a custom-written computer application they wanted to outsource.

 

 

 

5 Briefly explain the areas of risk and causes of risk in contracts. Briefly describe five conditions for termination of a contract?

Answer : The perception of risk is relative. To some, risk is simply an element in a financial model used to predict reasonable economic decisions but to others, risk is a broader concept — a key business interest — used to maximize profit through effective capital management.

Contract professionals must embrace the broader view of risk due to the rising profile of supply chain risks within our organizations.

 

 

6 What is outsourcing? What are its benefits and draw backs? Write short notes on contract compliances?

Answer : Outsourcing is a business strategy that moves some of an organization’s functions, processes, activities and decision responsibility from within an organization to outside providers.  This is done through negotiating contract agreements with a vendor who takes on the responsibility for the production process, people management, quality, customer service and key asset management of the function.  The process can greatly reduce fixed overhead costs of an organization.

• Advantages of Outsourcing

 

 

 

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