L3M3 Exam Dumps : Contract Administration

Explanation

When profitability is spoken of as a % the selling price, the profit element is called the margin.

Explanation

Best alternative to a negotiated agreement; and a zone of potential agreement.

The other terms shown are just fictions.

Explanation

Bidders compete against each other, reducing bid prices until one winner is found - this is the sub-mission of the lowest-priced bid (unless stated otherwise in the auction documentation).