1. Customer enters into a contract with an aircraft owner (supplier) for the use of an explicitly specified aircraft for a two year-period. The contract details the interior and exterior specifications for the aircraft. 2. Customer enters into a contract with a manufacturer (supplier) to purchase a particular type, quality and quantity of shirts for a three-year period

1. Customer enters into a contract with an aircraft owner (supplier) for the use of an explicitly specified aircraft for a two year-period. The contract details the interior and exterior specifications for the aircraft. 2. Customer enters into a contract with a manufacturer (supplier) to purchase a particular type, quality and quantity of shirts for a three-year period

Purchasing and Supply Chain Management

6th Edition

ISBN:9781285869681

Author:Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. Patterson

Publisher:Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. Patterson

ChapterC: Cases

Section: Chapter Questions

Problem 5.1SB

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Question Contract management can be defined as ‘the activities of a buyer before, during and after a contractis signed, to ensure that all parties to the contract understand and fulfil their contractual obligations’.Contracts may be for specific projects or for the supply of good or services over a period of time,typically between one to three years depending upon circumstances and objectives. Contractactivities can be split into two distinct but interdependent phases: pre-contract award/renewal andpost-contract management. Contract management is command and control of the activities spanningboth phases, but the potential value adding outcomes of post contract management will not berealised unless effective pre-contract management has resulted in a contract that addresses allstakeholders’ needs with the utmost professional skill. A failure in pre-contract management willresult in post-contract management time and effort being wasted on trying to resolve and correctomissions and…
1) Supplier and Retail Firm A retail-level firm has a contract to sell a single unit of a good to a consumer for 10$. Not delivering the good leads to no payment from the consumer along with a penalty of 5$ to be paid to the consumer by the firm as per the contract between the firm and the consumer. The retail-level firm must also pay an operating cost of 3$ in order to stay in business and in order to be able to deliver the good. This cost must be paid even if the firm decides not to sell the good. Failing to deliver the good and having to pay the penalty and the other costs would lead to the retail firm going out of business. A supplier firm is the only firm in the world that can build the good. The supplier can build the good for 2$ and does so after an order is made. The supplier cannot sell directly to the consumer and there is only one retail firm in this market. Both the supplier and the retailer only care about their own private profit. There is no contract at this point…
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