L4M3 - CIPS: Commercial Contracting Questions and Answers 100% Correct
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L4M3 - CIPS: Commercial Contracting
Institution
L4M3 - CIPS: Commercial Contracting
L4M3 - CIPS: Commercial Contracting Questions and Answers 100% CorrectL4M3 - CIPS: Commercial Contracting Questions and Answers 100% CorrectL4M3 - CIPS: Commercial Contracting Questions and Answers 100% Correct
Ad-Hoc Purchase - ANSWER-An item bought for a single and non-recurring use or purpose
...
Ad-Hoc Purchase - ANSWER-An item bought for a single and non-recurring
use or purpose
Alternative Dispute Resolution (ADR) - ANSWER-Any method of resolving a
dispute between two parties which does not involve court action, including
escalation to higher levels of authority, mediation, adjudication and
arbitration
Articles of Incorporation - ANSWER-The legal document creating a
commercial company and setting out its purpose
Base Year - ANSWER-The starting point for an index, at which point the index
is set to 100
,Battle of the Forms - ANSWER-A series of forms such as orders, delivery
notes, etc., issued in sequence by purchaser and supplier, each containing
terms that appear to override those on the previous document
Collusion - ANSWER-Where two or more potential suppliers (or the purchaser
and one or more suppliers) secretly co-operate to undermine the
competitiveness of a tender process
Conflict Minerals - ANSWER-Metals and minerals sourced from areas where
their mining is used to finance armed conflict and is linked to human rights
abuses and corruption. The most commonly recognized ones are tin,
tungsten, tantalum and gold
Contracting State - ANSWER-A country which has signed the Vienna
Convention on CISG
Bespoke - ANSWER-Made or provided especially for a specific end user
Bribery - ANSWER-The promise, offer or giving of the financial advantage to
someone in the expectation that they will improperly perform their functions,
or to reward them for having done so; also accepting such a promise, offer or
advantage (whether or not the function is improperly performed)
, Category - ANSWER-A group of goods or services that have shared
characteristics
CISG - ANSWER-The Vienna Convention on Contracts for the International
Sale of Goods, a United Nations treaty seeking to harmonize contract terms
for the sale of goods between different countries
Closed System - ANSWER-A system or process that, once started, does not
allow new entrants. A framework agreement might have multiple buyers and
multiple suppliers, but once set up, no additional buyers or suppliers can be
added to it.
Code of Practice (CoP) - ANSWER-A set of written rules explaining how people
working in a particular profession should behave. Sometimes related to
particular professions, they may equally relate to anyone working in a given
environment or carrying out a particular function
Corruption - ANSWER-A wider term than bribery, includes any improper
performance of function in return for some kind of advantage which may or
may not be financial, e.g., facilitation payments, nepotism (favoring of family
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