L4M3 Glossary Flashcards
Ad-Hoc Purchase
An item bought for a single and non- recurring use or purpose
Alternative dispute resolution (ADR)
Any method of resolving a dispute between two parties which does not involve court action, including escalation to higher levels of authority, mediation, adjudication and arbitration
Articles of incorporation
The legal document creating a commercial company and setting out its purpose
Base year
The starting point for an index at which point the index is set to 100
Battle of the forms
A series of forms such as orders, delivery notes, etc issued in sequence by purchaser and supplier, each containing terms that appear to override those on the previous document
Bespoke
Made or provided especially for a specific end user
Bribery
The promised offer or giving a financial advantage to someone in the expectation that they will improperly perform their functions or to reward them for having done so also excepting such a promise offer or advantage (whether or not the function is improperly performed)
Category
A group of goods or services that have shared characteristics
CISG
The Vienna Convention on contracts for the international sale of goods United Nations treaty seeking to harmonise contract terms for the sale of goods between different countries
Closed system
A system or process that once started does not allow new entrants. A framework agreement might have multiple buyers and multiple suppliers but once set up, no additional buyers or suppliers can be added to it
Code of practice
Set of written rules explaining how people working in particular profession should behave. Sometimes related to particular professions, they may equal even late to anyone working in a given environment or carrying out a particular function
Collusion
Well two or more potential suppliers (or the purchaser and one or more suppliers) secretly cooperate to undermine the competitiveness of a tender process
Conflict minerals
Metals or mineral source from areas where your mining is used to finance on conflict and is linked to human rights abuses and corruption the most commonly recognised ones are tin, tungsten, tantlum and gold
Contacting state
A country which has signed the Vienna Convention on CISG
Corruption
A wider term done bribery includes any improper performance of function in return for some kind of balance which may or may not be financial example facilitation payments nepotism or career promotion both the providing and receiving of the advantages are corrupt practices
