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Where the supplier guarantees to make good any losses suffered by the buyer as a result of product defects, for example
Indemnity.
As in 'an indemnity clause'.
'The supplier hereby indemnifies the buyer against / in the event of...'
Looking specifically at how a quoted price compares to the cost of production is called:
Comparison of prices across different suppliers would be called 'price analysis'; drilling down into costs of making or doing something would be called 'cost analysis'.
A contract clause indicating damages to be recovered in the event of under-performance, with the proposed damages being a genuine pre-estimate of loss, is called a:
Liquidated damages clause.
The QUESTION NO : is pretty much a definition of a liquidated damages clause.
'A purchasing procedure whereby potential suppliers are invited to make a firm and unequivocal offer of the price and terms on which they will supply specified goods or services which, on ac-ceptance, shall be the basis of the subsequent contract'
The 'firm and unequivocal offer' and 'the basis of a contract' indicate the reference to a formal and binding tender procedure. The answer is therefore 'invitation to tender'.
Which of the following is unlikely to be regarded as a conformance specification?
Outputs link to the concept of a performance (or 'output') specification, not a conformance specifi-cation.
