In buying and selling we could as buyers or sellers, depending on the role you are playing, get caught up in the financial numbers. This is why you need to understand the difference between price and cost because confusing one with the other will have a big impact down the line. What is the difference …
What are incoterms? In international sale of goods the terms you use to arrive at agreements are important. Whether you are filing a purchase order, packaging and labeling shipment for freight transport or preparing a certificate of origin at a port, this is where incoterms® come in. Incoterms is an acronym standing for international commercial …
Depending on the approach one takes when negotiating, parties’ behavior can range from joint problem solving to extreme case of brinkmanship where its win by any means. Either way knowing when the other party is telling the truth, bluffing or just lying is important. Accurate assessment of what a person looks like when they are …
Why Mastering delivery in negotiation is key Negotiation is a way of life especially since we use it in our day to day activities like deciding where to go for dinner or in business situation where we have to figure out what to procure and why. While there are a number of aspects that lead …
In import export business it may be case that the buyer and the seller do not know each other very well. In this case a letter of credit may help iron out payment issues, assuming the parties understand what letters of credits (LOC) are and how they work. This payment method is only applicable in …
When transacting internationally, there are certain risks two of which are payment reliability and whether or not you will get what you have asked for. Collection agreements, that is, documentary collection is one of the common methods that the parties can use. Collection arrangements are governed by international regulations sponsored by the International Chamber of …
For most people the terms like guarantee and warranty have no difference and that just means using them interchangeably but of course there is a difference which is what we are to look at in this post. WHAT IS A WARRANTY? When suppliers or sellers talk about warranties, they are talking about a promise to …
ELEMENTS OF A VALID OFFER AND MANAGING CONTRACTUAL RISKS Contracts are important in business deals for they not only make reference to documents used in business agreements, they summarize the duties obligations and expectations of the parties contracting as well. Usually for a contract to be valid one party makes an offer and the other …
Nature of Employability has changed One thing that comes out clearly when you pay attention to history, even if you never bothered with history in school, is that as human we are always looking for ways to be efficient in terms of how we get things done. We went from simple hunting, farming to robotics …
Business relations are often changing and given that these relations are mostly summed up in a contract, it is often the case that contracts are amended to reflect these changes. Care is however needed to avoid pitfalls What is contract variation? Contract variation is what happens when parties to a contract agree to do something …
