The procurement process by which a bid is submitted in a sealed envelope to prevent disclosure of its contents before the deadline for the submission of all bids.
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31 Purchasing Officer Questions And Answers
A warehouse operated under U.S. Customs supervision to store imported goods.
3⟩ If I would like to stop taking annual physical inventories. Is there an alternative to physical inventories?
You can use cycle counts on a cyclic schedule rather than taking physical inventories. The most effective cycle counts are those conducted on a daily basis.
Inventories represent a sizable investment for businesses. The higher the inventory turns, the lower the inventory carrying costs.
Risk of loss passes to the buyer when the goods are delivered at the buyer's plant.
Under the UCC good faith means honesty in fact in the conduct or transactions concerned.
A small business which is owned or controlled by a majority of persons, not limited to members of minority groups, who have been deprived of the opportunity to develop and maintain a competitive position in the economy because of social disadvantages.
8⟩ Are vendors bound by the requirements contracts awarded to two different vendors for the same set of requirements without disclosing this information to both vendors?
Requirements contracts must be awarded in good faith. In this case, the courts will determine that those contracts were executed in bad faith and neither vendor will be bound by their contract.
An unsigned purchase order is valid. The company logo on the purchase order is considered as the signature.
The word shall denotes the imperative and the word may denotes the permissive.
Under this type of contract, a contractor is reimbursed for costs allowed under the contract terms.
The statute of limitations under the UCCC is generally four years. In certain cases, the UCC allows the statute of limitations to be reduced to a one-year minimum.
The Uniform Commercial Code (UCC) allows for the award of requirements contracts, which do not state any particular quantity. However, a requirements contract is only valid if the contract is awarded in "good faith." Sellers will normally ask for the contract to have an estimated quantity or a quantity range.
You cannot reject a shipment by just returning it without stating why the shipment is rejected. The UCC states that you must particularize your objections to the goods.
15⟩ Is company liable for a purchase order valued at $100,000 placed by a purchasing agent that who has been granted authority only up to $50,000?
Purchasing agents have broad implied or apparent authority. The company would be liable for the $50,000 purchase order.
Cash poor countries and organizations engage in counter trading by exchanging commodities of equal value. Counter trading offers cash poor countries and organizations greater access to the world markets by offering them an alternate method of acquiring goods. Reciprocal trading provides participating nations with equivalent competitive trading opportunities based on mutual agreements negotiated to adjust tariffs, duties, and customs restrictions in order to increase foreign trade and improve border-to-border relationships among participating countries.
CPM (Cost Per Impressions) is the cost per thousand a web site charges for an advertisement on a web site page. Internet advertising is typically sold on a CPM basis. An impression occurs when a visitor to a web site views a page where an ad is displayed. A $25 cpm rate represents $25 per 1,000 displays of a web site page where an ad is displayed.
18⟩ When contacting to supplier references, which are the questions should I ask that will elicit worthy information about the vendor?
When checking supplier references, you need to collect as much information as possible to help you make a wise decision. You should interview at least three references and engage them in conversation. Verify all the information you already have about the supplier. Find out the scope of the project and how long the contract was for.
A prime source for finding new suppliers is the XYZ Register. The XYZ Register lists manufacturers by product categories and geographic location. XYZ Register supplier information can be obtained online from their website (its free), a set of their cds which can be networked within a company, and their set of catalogs. Another good source for finding suppliers is through Trade Associations, most can be accessed online. Internet search engines such as google.com which can be used to search for specific products, commodities or companies.
Inventory turns is the annual cost of the inventory issued divided by the average monthly inventory value.
The average monthly inventory value is calculated by adding the past 12 monthly inventory values and dividing the total by 12. At the end of each subsequent month, add the latest month's inventory value and delete the 12th most distant monthly inventory value.
The annual cost of issues is calculated by adding the past 12 monthly cost of inventory issues. At the end of each subsequent month, add the latest month's cost of inventory issues and delete the 12th most distant month.
Example: Annual Cost of Issues/ Average Monthly Inventory Value = Inventory Turns $400,000/$100,000 = 4.0 Turns.