By the time you are done reading this your will be in a position to explain: What privity of a contract and the doctrine of privity of a contract means Examples of cases and scenarios showing 3rd party positions in contracts Know the exceptions to the doctrine of privity in contracts  What is a contract? …
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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 | A guide to developing SPECIFICATIONS Specifications can be defined as a statement of requirements to be satisfied in the supply of a product or service Why specification matters in …
CIPS L4M3 REVISION NOTES A guide to developing SPECIFICATIONS Read More »
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 …
Commercial contracting comes down to 4 important questions Read More »
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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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 …
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 …
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 …
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