L3M3 Exam Dumps : Contract Administration

Explanation

Bidders compete against each other, reducing bid prices until one winner is found - this is the sub-mission of the lowest-priced bid (unless stated otherwise in the auction documentation).

Explanation

This is true. Profit is what is left over after you've covered all your costs. In simple terms.

Explanation

Best alternative to a negotiated agreement; and a zone of potential agreement.

The other terms shown are just fictions.