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The main mission of RPPA is (1) to process the establishment and improvement of public procurement legal framework, (2) provide public procurement legal advisory services, (3) conduct audit and monitoring of public procurement activities carried out by procuring entities (tender award and contract management) and (4) build the capacity of ...
Some contracts also have specific clauses to promote working with minority-led, women-owned businesses and/or state-owned enterprises. [ 36 ] Competition is a key component of public procurement which affects the outcomes of the whole process. [ 37 ]
According to the PMBOK (7th edition) by the Project Management Institute (PMI), Fixed Price Economic Price Adjustment Contract (FPEPA) is a "fixed-price contract, but with a special provision allowing for predefined final adjustments to the contract price due to changed conditions, such as inflation changes, or cost increases (or decrease) for special commodities".
A fixed-price contract is a contract where the contract payment does not depend on the amount of resources or time expended by the contractor, as opposed to cost-plus contracts. Fixed-price contracts are often used for military and government contractors to put the risk on the side of the vendor and control costs.
Contract theory in economics began with 1991 Nobel Laureate Ronald H. Coase's 1937 article "The Nature of the Firm". Coase notes that "the longer the duration of a contract regarding the supply of goods or services due to the difficulty of forecasting, then the less likely and less appropriate it is for the buyer to specify what the other party should do."
Legal tender was enacted the first time for gold and silver coins in the French Penal Code of 1807 (art. 475, 11°). In 1870, legal tender was extended to all notes of the Banque de France. Anyone refusing such coins for their whole value would be prosecuted (French Penal Code art. R. 642–3).
Contracts directly between the Government and its contractors ("prime contracts") are governed by federal common law. Contracts between the prime contractor and its subcontractors are governed by the contract law of the respective states. Differences between those legal frameworks can put pressure on a prime contractor. [citation needed]
Although BVP is a new procurement method, it does build on procuring and tendering according to the MEAT principle (most economically advantageous tender). The principle enables the contracting authority to take account of criteria that reflect qualitative , technical and sustainable aspects of the tender submission as well as price when ...