Last Attempt L3M3 Questions

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

The fact that the time period and the total quantity is known means it is a 'call-off' contract. The volumes of product are 'called off' from the contract as required by the buying organisation.

Make sure you understand the difference between a call-off contract and a framework arrangement.

Under a framework arrangement, there is no obligation on the part of the buyer to use the goods / services specified.

Explanation

Early supplier engagement - one of the assessment criteria for this course (3.1)