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'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'.
'When the supplier delivers the goods as ordered, two further documents are created.
a) The supplier's XXX XXX, included with the goods
b) The buyer's YYY YYY YYY'
Choose the correct replacement words.
If it's included with the goods, it's likely to be a delivery note; and the buyer's equivalent would be a goods received note.
After a framework arrangement is in place, a further XXXX competition can be held. Which word replaces XXXX?
A mini-competition may be held to select a supplier, depending on the wording in the framework arrangement documentation and circumstances at the time.
Tolerate, transfer, terminate or ...?
This is about risk, and the answer is 'treat'.
Risk management strategies can be classified into 'the 4 T's', which you need to know for your ex-am.
Treating the risk is essentially seeking to minimise the likelihood or impact of the risk. An example might be to carefully monitor key suppliers' ongoing financial performance to minimise the likeli-hood of their going into liquidation during the course of a contract with us. Etc.
Where all does not go well on a contract and there are significant increased costs of implementation, a contract clause may exist whereby both buyer and contractor share the unanticipated additional costs using a pre-agreed formul
a. What is the expression which describes such an arrangement?
The contract clause may refer to or include both gainshare and painshare elements. If all goes well, gains to be shared; if things go badly, pain to be shared. The ratio does need to be 5050 - the parties can discuss / negotiate as they wish / agree.
One is actively discouraged from talking about penalties, which contain a notion of punishment, de-spite the rather odd fact that your syllabus contains the term 'penalty clauses'.
