CIPS L4M3 STUDY MATERIALS Commercial contracting Use these summarized notes and other CIPS L4M3 online resources to help with your studies! CIPS L4M3 REVISION NOTES | Understanding Quotations and RFQ Understanding quotations and RFQ is important when dealing with commercial contracting. Here is a quick summary of important things you need to know about these …
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COMMERCIAL CONTRACTING: Contracts are based on 4 questions A contract is a binding agreement or promise between parties which is enforceable by the law. According to Sir William Anson, “A contract is an agreement enforceable at law made between two or more persons, by which rights are acquired by one or more to acts or …
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If you are in a business and are keen on growth, you will at some point get into commercial contracts. Contract review process is one of those things you must know and just to add on to that list, you must also learn how to negotiate. Whether you are thinking of getting into a partnership, …
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Avoid these six cardinal sins when starting a media business Starting a media business or turning an idea into a profitable business can turn out to be one of the most exciting and rewarding activity you get involved in. The process has its ups and downs, but the key thing is to not to let …
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What is in a name? Naming your business can be a problem especially in the modern era where online discoverability makes all the difference between making profit and loses. Even if you know how to turn an idea into a profitable business, you can still suffer if that business is invisible to the public or …
How to overcome resistance from sales prospects is one of those questions all sales teams are concerned with. This is especially so since sales has a direct impact on an organization’s revenue. There are a number of key reasons that explain why prospects can back out of a deal chief among them is they are …
WHAT IS INSURANCE? This is a contract whereby a party known as the insurer undertakes, in consideration for a sum of money known as premium paid by the insured, to pay a sum of money or its equivalent on the happening of a specified future event. The insurance contract is a contract like any other, …
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Business agreements are often summed up in contract or commercial agreements, as they can at times be referred to. There are a number of things to look for in a contract since these agreements are legally binding and the parties can use this fact to minimize their risks. Before looking at the things to look …
Knowing how to make offers in business transactions is a big part of getting what you want out of the deal. WHAT IS AN OFFER? An offer is an expression of willingness to get into a contract on definite terms if those terms are accepted. This is important because by accepting the other party’s offer …
THE THING ABOUT QUOTATIONS Quotations are typically used when price is the only variable. In procurement and supply parties don’t just get into contracts. There are some inquiries that take place before deals are struck and learning how to use quotations make the process easy. With quotations, the buyer describes what they wish to buy …
