L4M3 The sequel Flashcards
What are three types of contract?
Written, oral and performance. The latter applies to contracts in with the offeror stipulates that the performance of a specific action or task can serve as evidence of acceptance.
What is ISO9001, 27001 and 14001 measure?
ISO90001 measure quality, ISO27001 measure IT security and ISO14001 is environment.
What is a potential benefit for the buyer when they negotiate a prompt payment clause?
There is a good chance the supplier may negotiate a discount.
When is specifying a brand appropriate in a spec?
When it is a technical spec.
Should you include insurance in your contracts?
Yes because it means the supplier will be able to cover any damages. Transfers risk.
Acceptance has to be …..?
Unconditional
Can past consideration be considered?
No it can’t!
Risks of RfQs
Lack of audit trail, too simple. lack of transparency. Price is not the only variable. Temptation to seek quick quotes. No supplier vetting. Quotes issued on supplier terms and conditions.
What is specific performance?
Court orders someone to do what they were supposed to do.
What is the difference between liability and indemnity?
Liability is being responsible for something and indemnity is insurance in case something goes wrong.
