Since this is a competitive capitalist economy, the rate of profits must be constant across industries.
Acceptance constitutes a determination by an authorized government official that goods or services conforming to the requirements of a contract have been furnished by a contractor and that a contractor is entitled to payment under the contract.
With respect to goods, acceptance is deemed to occur if, after a reasonable opportunity to inspect the goods, an effective rejection is not made within a commercially reasonable time. Acceptance of goods may be revoked where: Revocation of acceptance must occur within a reasonable time after the government official discovers or should have discovered the grounds for it.
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A communication directed to an offeror by an authorized contracting officer in response to a specific offer. In order for this communication to become binding on the County, a fully executed contract must be delivered.
The communication of acceptance of an offer must be made within the time specified for acceptance in the solicitation or authorized extension in order for the acceptance to be binding on the offeror; however, a communication of an acceptance of an offer made after the time specified in the solicitation may be accepted by an offeror.
A payment to the contractor prior to receipt by the County of contractor performance that is at least equal in value to the amount of the payment. The transfer of a contract right or obligation by a contractor to another party. A payment assignment is the assignment of a right to payment under a contract to a party designated by the contractor who has a right to that payment.
A performance assignment is the assignment by a prime contractor to a third party of the obligation to perform a prime contract in accordance with its terms and conditions. Assignments must be made through a contract modification and specifically accepted and approved by the contracting officer in order to be effective.
An assignment, unless it specifically provides otherwise, does not relieve the prime contractor of its obligations to the County.
A person granted specific authority to do a particular act by law, by delegation of authority, by official job description, by the law of agency or pursuant to contract provisions.
The release of a fully executed contract to an offeror. This release may be accomplished by a contracting officer by depositing the contract in the mail, with a common carrier, delivering it to the offeror, or notifying the contractor by phone, telegram or other means which communicates acceptance of offer by the County.
An offer to furnish goods, services, or construction in conformity with the specifications, delivery terms and conditions, and other requirements included in the invitation for bids; or, in the case of disposition of County property, an offer to purchase.
An insurance agreement in which a third party agrees to be liable to pay a certain amount of money in the event a bidder fails to sign a contract as bid or as mutually agreed upon presentation of that contract to the bidder.
A cashier's check, certified check, bank letter of credit, or bid bond, deposited with, and at the request of, the County, to guarantee that the bidder will, if selected, sign the contract as bid or mutually agreed upon presentation of that contract to the bidder. If the bidder does not sign the contract as bid or as mutually agreed, the deposit may be retained by the County.
A current file of vendors and other sources of supply for various categories of goods, services, or construction purchased for County use maintained by the Director.
A written or electronic certification by the Director of Finance that funds are available to pay the cost of a specific contract or the cost of the first term of a multi-term contract, as required by Chapter 11B, Montgomery County Code.
An order authorized by the contracting officer directing the contractor to make changes within the scope of the contract, pursuant to contract provisions for such changes, with or without the consent of the contractor.
A demand or request for payment for services or construction rendered or goods delivered, outside of an appropriately encumbered contract with the County, for which the contractor has a basis for payment, reimbursement, or compensation from the County under Chapter 11B, Montgomery County Code.
See also related definition in Section The process by which more than one valid source of supply for goods, services, or construction is solicited through the submission of offers which are to be evaluated in a comparative way for the purpose of selection of the source or sources most advantageous to the needs of the County.
A process by which the County and one or more prospective suppliers communicate successive respective positions with respect to price, specifications, and other relevant terms and conditions in order to arrive at a contract for procurement of goods, services, or construction.
Competitive negotiation may occur after required bidding or solicitation of proposals produces no award because of a deficiency in: The Director must approve competitive negotiation before it can be used.Latest Trading Prices provided by NYMEX New York Mercantile Exchange, Inc.
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To access the updated Vendor Information Pages(VIP) you must select one of the options available through AccessVA Login: Veteran Small Business Owners: DS Login: Veterans (including Veterans Small Business Owners (Veteran Owned Small Business (VOSB) or Service Disabled Veteran Owned Small Business (SDVOSB) or their business representatives who are also Veterans.
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This year, the Office of Procurement is proud to welcome Jamal Maddox (West Virginia University) and Jose Ramirez-Zamora (Montgomery College) to it's first college intern program.