Explain and provide at least two (2) examples for the term “risk assessment” during a negotiation.
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Explain and provide at least two (2) examples for the term “risk assessment” during a negotiation.
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- Explain why the first question a person should ask when getting ready to analyze a contract problem is, “is this alleged contract a contract for the sale of a good?”The outcome of a negotiation could turn out to be: i) A Win-Win situation ii) A Win-Lose situation iii) A Lose-Lose situation iv) Beyond intractability situation Explain with at least an illustrative example what each of these outcomes imply.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 failures of the…
- Contract management can be defined as ‘the activities of a buyer before, during and after a contract is 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. Contract activities can be split into two distinct but interdependent phases: pre-contract award/renewal and post-contract management. Contract management is command and control of the activities spanning both phases, but the potential value adding outcomes of post contract management will not be realised unless effective pre-contract management has resulted in a contract that addresses all stakeholders’ needs with the utmost professional skill. A failure in pre-contract management will result in post-contract management time and effort being wasted on trying to resolve and correct omissions and…When signing a contract, how can you ensure consideration? Renegotiating an excisting contract : how do you meet the consideration requirement?What are the key elements that should be included in a sales or lease contract to ensure both parties understand their obligations, rights, and responsibilities, and to minimize the risk of disputes or legal issues arising during the agreement?
- a) Jay knows that a futures contract's primary purpose is managing risk exposures. Use Singapore Airlines as an example to further explain how a futures contract achieves this risk management function.“A buyer should not only be concerned with negotiating the reduction of price with a potential supplier, other aspiration points and issues that may require negotiations in order to reach satisfactory settlement could relate to product quality, date of delivery, free delivery up to buyer’s end, reduction in packing charges, higher trade discount on bulk purchases, seeking maximum co-operation of the supplier, or even removal of obstacles that could arise in future etc.” That is to say, the fundamental drivers of carrying out negotiations are due to our basic needs, wants, and motivations. As the procurement role evolves from transaction-based into more of strategic partnership with suppliers, negotiation and management skills have become increasingly important. Hence, to have effective negotiation with suppliers, the skills employed by procurement professionals need to be broadened. a) What does the term negotiation generally mean? b) In more specific terms, what does negotiation in…what do you understand by contract specification? Explain the term with any suitable example
- In business markets, close buyer-seller relationships Multiple Choice may improve the profits of both the buyer and the seller. are almost always desirable from the seller's point of view, but not from the buyer's point of view. may have benefits, but they usually increase a firm's uncertainty and risk. None of the answers is correct.When SS Electroplating Company started the electroplating operations in a residential location in Bengaluru, it received a notice from the pollution Control Board to install the effluent treatment plant within 15 days, failing which they would seal the plant. The Director of the company collected the information that it would cost about 10,00,000 to buy an effluent treatment plant, an area of about 600 sq.feet to install it over a period of 2-3 months, & running cost of about 40,000 per month for the purchase of material like costic soda & others. The effluent contained nickel, synide, cromium, cadminum & zinc, which were to be treated separately using different chemicals. After effluent liquid of about 800 litres per day was treated, the sludge was to be dried, packed, stored & dumped in a government notified place. The entire process would not only cost substantial amount, but also would need additional area of about 600-700 sq. feet The company gathered information…1. You are organizing a May Madness dog show and must purchase ribbons for the first place, second place and third place winners plus participation ribbons for all entrants. You contracted a supplier who will provide this to you for a total price of $600, printed with the name "May Madness" and your logo in gold print. You have heard some rumors that the supplier might not be reliable and want to be sure you are legally protected if he does not perform. which statement is correct? A. There is no writing requirement of this contract because this is an order for specially manufactured goods. B. This contract would need to be in writing to be enforceable and the price must be mentioned in the written documentation of your agreement. C. No documentation is required since your supplier is a merchant and should be trustworthy and acting in good faith. D. You need a writing to document the oral agreement and it must include the quantity of goods for it to be an enforceable agreement.
