Express terms of a contract refer to the kind of terms that are specifically stated in the contract either orally or in writing and set out the definitive agreement between the parties. Terms of a contract will show the duties and obligations of the parties in the contract. This could mean a party has to …
Stages of negotiation present you with an opportunity to put your listening and questioning skills to test. These stages call for careful exchange of information and interpretation of signals from the other party, this way you increase your chances of getting a good deal. The stages of negotiation can be summed up as, preparation, opening, …
Your business won’t make much of an economic sense if you are not making profit. If you can find simple ways to improve your pricing strategy, you can increase profits. Price is often considered to be the sum of money which must be expended to fulfil a wish or need to acquire a product or …
The factors to consider in hire or lease contracts can vary depending on whatever it is that you intend to hire or lease and whether or not you are better of just purchasing the thing itself. A hire or lease contract is the kind of contract that gives you possession over something and the ability …
7 IMPORTANT FACTORS TO CONSIDER IN HIRE OR LEASE CONTRACTS Read More »
One off contracts in purchases is not an uncommon set up, when talking about the various types of contractual agreements between suppliers and buyers. The key element of a one off contract is that it relates to a single purchase. Remember that this is not the same as a single item purchase. Think of this …
PRACTICAL ASPECTS OF ONE OFF CONTRACTS YOU SHOULD KNOW Read More »
Bargaining power of a buyer plays a major role when negotiating with suppliers. Leverage is key in negotiation and as a buyer your bargaining position gives you this. Bargaining power is the ability of a party in a negation to influence or direct the behaviour of the other party A QUICK THING ABOUT BARGAINING POWER …
Win lose negotiation also known as distributive negotiation is mainly characterized by its adversarial nature. What is a win lose negotiation? This is the type of negotiation in which one party intends to win and expect the other party to lose. The negotiation is zero-sum. Negotiating parties generally walk in negotiation with two generic outcomes …
Practical Advantages and Disadvantages of Win Lose Negotiations Read More »
Battle of forms is part of an on-going aspects of contract formation which has to do with contractual offers and terms, and whether or not they are accepted or countered. The trick is in knowing how it occurs and how to avoid it. WHAT IS BATTLE OF FORMS? The battle of the forms involves a …
Reasons why delivery note is important in battle of forms Read More »
How to maintain good relationship with suppliers is a question every buyer or purchasing organization should strive to find an answer to since it is my belief that any serious organization doesn’t want supply interruption as result of bad relationship. Supplier may find a buying organization to be attractive based on the value the organization …
How To Maintain Good Relationship with Suppliers Read More »
There are various types of mistakes in contracts one may make and they can render the contract void or voidable depending on the parties. Types of mistakes in contracts can be classified into three categories which are: common mistakes, mutual mistakes, unilateral mistakes all of which we intend to look at. What are mistakes in …
TYPES OF MISTAKES IN CONTRACTS AND HOW TO AVOID THEM Read More »
