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The Procurement School

The Procurement School

June 27, 2021 by Dan

PSPP202-07 Assessment 7

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Question 1 of 5

1. Question

Who are the parties to a performance bond?

The purchasing organization, the contractor and the bonding company.

The purchasing organization and its insurer.

The purchasing organization and the contractor.

The contractor and the bonding company.

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Question 2 of 5

2. Question

If you need to make a significant change to a bonded contract, what should you do?

Have the contractor sign off on the change and initial each amended page of the contract.

Get consent from the bonding company before proceeding with the change.

Issue an amendment to the contractor and allow them 2 weeks to object.

Post a notice of intent to modify on one of the electronic tendering sites.

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Question 3 of 5

3. Question

“The contractor shall submit its invoices on a monthly basis on the last day of the month covering all work completed that month” is an example of what type of term?

Service level term.

RFx Mandatory requirement.

Engagement term.

Payment term.

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Question 4 of 5

4. Question

Why must you use the full legal name of the contractor on all contract documents?

Because even the slightest error could result in the contractor not being bound at law.

To register the contract officially with the trade unions.

To ensure your payment system, audit tracking and electronic filing match.

Because it is required under competitive contracting law.

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Question 5 of 5

5. Question

“We reserve the right to terminate this contract for any reason or no reason on 14 days’ notice” is an example of what type of contract term?

Exit right.

Indemnity clause.

Risk mitigation.

Solicitation administrative requirement.

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