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Contracts/Negotiate

Contracting & Negotiation (CPSM)

QuestionAnswer
Acceptance An express or implied act that accepts an obligation
Accord and Satisfaction An agreement between parties dischargining the contractual obligations of one party to the other party in exchange for some consideration
Acknowledgement An acceptance by the selling organization of the provisions
Act of God Clause A contractual clause releasing a party's obligation to perform in the event of a disaster devoid of human intervention that causes significant interruption to business activities. See also: Force Majeure.
Adversarial Position A win/lose approach to negotiations where the negotiator has a high degree of concern for his/her outcome and very little concern for the other party's outcome.
Agreement An understanding between two or more parties
Assignability The act of transferring the right to sell or purchase from the primary seller or buyer to another party.
Authority A specific right granted by a principal to an agent to act on its behalf and enter into legally binding actions. Also see Agency.
Bargain An agreement between parties fixing the obligations of each.
Barter "A trade or exchange of goods or services without using money. Also
Behavior Based Contracts "A contract in which payment is based on conformance to an established behavior or set of behaviors
Best Alternative To A Negotiated Agreement A course of action that will be taken by a party when an agreement cannot be reached.
Bid Bond "A type of surety bond that protects the buyer from financial loss if the bidder withdraws its bid or does not
Bilateral Contract An agreement in which the parties exchange promises for each to do something in the future. Also known as a reciprocal contract.
Breach Of Contract A failure to perform as agreed to within the contract.
Breach Of Warranty Failure of a part or material to meet the supplier's warranted quality specification.
Central Contractor Registration "An electronic database of government vendor firms used by the Department of Defense. For information about the CCR
Choice Of Law A clause that indicates what venue of law will apply in the event of a dispute.
Competent Parties An individual who is duly qualified and possesses the requisite natural or legal qualifications to enter into a contract.
Conflict Of Interest "Any personal
Consequential Damages Those damages or losses that arise from or in consequence of an action.
Consideration The exchange of value upon which a contract is based or something of value that is offered as an inducement by one party to another to enter into a contract.
Construction Contracts "An agreement between a general contractor and buyer that sets forth terms and conditions for the construction
Contracts A legally enforceable agreement entered into by two or more parties to perform or not perform certain actions
Convention on Contracts for the International Sale of Goods An international agreement that establishes uniform legal rules governing the formation of international sales contracts and the rights and obligations of the buyer and seller.
Cost Only Contract "Used primarily by nonprofit organizations; covers reimbursement only for actual costs
Cost Plus Award Fee "A contract where all allowable costs are paid by the buyer
Cost Plus Fixed Fee A contract where the buyer reimburses the seller for the seller’s allowable costs plus a fixed fee negotiated in advance.
Cost Plus Incentive Fee A contract where the buyer reimburses the seller for the seller‘s allowable costs and the seller earns a formula-based adjustment that reflects the relationship of total allowable cost to total target cost.
Cost Plus Percentage Of Cost A now outlawed contract that provided reimbursement of allowable cost of services performed plus an agreed upon percentage of the estimated cost as profit.
Cost Reimbursable Contract "Contract that provide for payment of allowable incurred costs
Days After Contract Award This is generally used in scheduling to refer to due dates for various stages of the project.
Dealer's Agreement
Definite Quantity Contract A contract that provides for a specific quantity of products or services within stated limits for a fixed period.
Evergreen Contract A contract with no expiration date.
Indefinite Delivery Contracts A contract awarded to facilitate the delivery of specified supply and service orders at some date in the future.
Indemnification A process of protecting the buyer against any losses which have occurred or will occur.
Intellectual Property "Unique intellectual material typically governed by patents
Leasing A short-term (usually five to ten years) written agreement between a lessor and a lessee that stipulates the payment and conditions under which the lessee may possess the property or equipment for a specified period of time.
Letter Of Intent A letter from a potential buyer to a seller indicating the seriousness of the potential buyer’s interest and agreeing to hold in strict confidence any data provided by the seller to assist the buyer in evaluating the property or equipment being sold. It i
Letters Of Credit "A document
Licensing Agreements A contract granting the legal right to use a patent or trademark in exchange for consideration. See also license.
Master Purchase Agreement An agreement or contract governing the terms and conditions of the sale and purchase of specific products from a supplier.
Master Service Agreements An agreement or contract governing the terms and conditions of the sale and purchase of specific services from a supplier.
Negotiated Savings When the buyer and seller reach a mutually satisfactory agreement concerning a reduction of cost on a product or service.
Negotiation The act of discussing an issue between a buyer and a seller with the objective of reaching a mutually satisfactory agreement.
Payment Terms "Terms under which a buyer will pay a seller for purchases. Payment terms may range from cash-in-advance to an open account with extended payment terms such as payment 120 days from date of purchase. A common payment term is 2/10
Purchase Orders "A contract used to convey requirements and authorization from the buyer to the supplier. It will contain a standard set of terms and conditions
Request For Quotation A formal document including detailed specifications sent by a customer to a supplier requesting a price quotation and other specific details such as lead time.
Requirements Contract A contract in which an organization agrees to purchase all of its requirements of a particular category of goods or services from one supplier in exchange for some form of additional consideration.
Royalties "A payment made for the use of intellectual property
Specifications "A clear and accurate description of the essential technical requirements for items (hardware and software)
Statement Of Work A document specifying the work requirements and expected outcomes for a project or program. It is used in conjunction with specifications and standards as a basis for a contract. The SOW is used to determine whether the contractor meets stated performance
Statute Of Frauds The legal statute dictating what types of contracts must be in writing to be enforceable.
Subcontracts The formation of a contract and the delegation of work between a primary supplier and secondary sources.
Termination Of Contracts A cancellation of business or a contract between two parties due to completion or prior progressive issues. Also refers to the discharge of an employee.
Terms And Conditions The contractual specifications that spell out the rights and privileges of both the buyer and the seller and what actions each may or must take.
Time & Material "A contract that defines the relationship whereby the client pays a separately negotiated or agreed-to fee for labor and the expenses that the supplier encounters. It specifies a price for different elements of the work such as cost per hour of labor
Uniform Commercial Code "A set of business-related laws dealing with the sale of goods
Unilateral Contracts A contract in which only one party makes an enforceable promise. An insurance policy is an example of a unilateral contract.
Created by: 1410398196
 

 



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