New PMP Question & Answers with explanation
A seller entered into a contract with a buyer. At the end of the project, the seller was reimbursed for the cost of the project but received a low fee based on certain subjective criteria that were specified in the contract. What type of contract is this likely to be?
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A seller began a project that was contracted on a time-and-materials (T&M) basis. Based on the agreed-upon rates and effort, the initial contract amount was $100,000 over a one-year period. However, when the project was completed, the total contract value turned out to be $350,000 over a two-year period. What mechanism could the buyer have used to prevent this unlimited cost growth and schedule change?
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In a multi-phase project, the procurement team decided to close the procurements applicable to a particular phase of the project. What happens to unresolved claims?
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During the procurement process, a contractual relationship is established between a buyer and a seller. During the contract lifecycle, what is the correct sequence in which the following terminology is applied to a seller: Vendor, selected source, and bidder?
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Many organizations consider contract administration to be an administrative function separate from the project organization. Who carries out the function of contract administration in such organizations?
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