If Suppliers Are Not Forthcoming with Labor and Material Cost

question 21

True/False

If suppliers are not forthcoming with labor and material cost data, cost models can be developed to improve the buyer's negotiating position using material/labor ratios available from industry databases.

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Definitions:

Invitation Seeking Offers

An invitation to negotiate or an invitation to the public to make an offer, which is a common practice in contract law, particularly in the context of tenders.

Valid Acceptance

An agreement to the terms of an offer in a manner required by the contract, resulting in a binding contract between the parties.

Communicated

Communication involves the act of sharing, exchanging, or transmitting information, ideas, or feelings between individuals or entities, through various means.

Offeree

The person to whom an offer is made, typically in the context of contract formation.