Which of the Following Statement Is True in the Case

question 25

Multiple Choice

Which of the following statement is true in the case of procurement from equipment vendors?

• A) The lowest bid will win the contract.
• B) The lowest bid may not win the contract.
• C) The most innovative concept, irrespective of cost, wins the contract.
• D) Suppliers who quote higher prices do not win contracts.
• E) Suppliers who meet the project schedule will win the contract.

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Definitions:

Promissory Note

A financial instrument indicating a written promise by one party to pay a definite sum of money to another party under agreed terms.

Notice

A formal communication or announcement given to someone to make them aware of something or to officially inform them of a decision or legal requirement.

Overdue

A status indicating that a payment, task, or obligation has not been fulfilled by the designated or expected deadline.

HDC Status

Holder in Due Course Status; a term in negotiable instruments law referring to a person who has acquired a negotiable instrument in good faith for value, and thus has certain protections.