Which contract term contains details of when a product or service should be delivered and ex- plained the potential loss of business?
Answer(s): A
Contract terms are the right and duties agreed between parties with which are then documented in contract. Terms can be either implied or expression.Implied terms are always present in a contract and are set by national laws; like the sales of goods act, whereas express terms are negotiated and created, for example; time is of the essence.When the procurement professional is setting key performance indicators, where which the supplier's performance will be monitored and managed, the KPI is expected to be SMART. The SMART is an acronym that is used to set KPI and specification. It means:SpecificMeasurableAchievableRelevantTime bound
What is the retention of title clause also known as?
Retention of title (ROT) states when ownership transfers from supplier to buyer. The retention of title terms also referred to as the Romalpa clause, which is related to a legal case from 1976 between Aluminum industries Vaassen BV and Romalpa Aluminum LTD
What are the two types of damage clauses that can be created within a contract?
Damages are `sum of money that the supplier pays if it fails to carry out its contractual obligation. Damages are categorized into two types; liquidated and un-liquidated. Liquidate Damages are fixed amount of money agreed between the parties that is payable if a contract is breached. For example, knowing that supplier not being able to install a device properly in a power transformer may destroy the device and going ahead to include a fee in the contract if the device was destroyed.Un-liquidated damages are unfixed amount of money. It is used when the amount of money that will compensate the injured party cannot be known in advance. A court decides the amount when the damages occur. For example, knowing that supplier not being able to install a device properly in a power transformer may destroy the device, other appliances and equipment unknown, cause the buyer delay in the process and reputational damage as in customer dissatisfaction. Yet, unquantifiable as both party are unable to fix a fee in advance on the damages and leaving it to the court to decide the damage if it may occur.Refer to the question column for response
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Napo Posholi commented on October 02, 2023 They are very helpful Anonymous upvote
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