CIPS L4M3 Commercial Contracting Assignment Sample, UAE
In any organisation, a significant element of the procurement and supply function is based around contracting. Contracts must be clearly defined with legal requirements in mind as well as containing key clauses to ensure success for both parties involved; if they are not then this can lead unexpected issues down from either side that could have been addressed beforehand by simply looking over what was written into each contract term-of course if you’re reading this then we already know how important it is so go ahead and read more!
Contracts are something to take seriously, so read this quick blog to ensure what goes in is thorough and has legal requirements in mind. This key part of procurement and supply management is something that needs to be looked over carefully before signing. If not, there can be unpleasant surprises from either side that could have been addressed beforehand just by looking over what was written into each contract term- of course, if you’re reading this then we already know how important it is.
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Assignment Activity 1: Analyse the documentation that can comprise a commercial agreement for the supply of goods or services
A commercial agreement for the supply of goods and services will usually include terms and conditions such as those relating to payment, delivery, quality, warranties and liability.
The agreement may also contain an invitation to tender or request for quotation, setting out the specific requirements of the buyer and inviting suppliers to submit a proposal outlining how they would meet those requirements.
Suppliers are given a time limit in which to respond. The agreement may also contain an invitation to tender or request for quotation, setting out the specific requirements of the buyer and inviting suppliers to submit a proposal outlining how they would meet those requirements. Suppliers are given a time limit in which to respond.
When a company needs to purchase a good or service, it will often issue an invitation to tender or request for quotation (RFQ) to suppliers. This document lays out the company’s requirements and invites suppliers to submit a proposal outlining how they can meet those requirements.
The RFQ will typically include information about the product or service required, the delivery date, the quantity required, and any special requirements or specifications. It may also include an outline of the company’s purchasing process, including payment terms and conditions.
Any supplier who wishes to bid on the contract should carefully review the RFQ and submit a proposal that meets all of the requirements. If selected as the winning bidder, the supplier will then be asked to sign a commercial agreement that specifies the requirements and terms of the contract.
A commercial agreement for the supply of goods or services will usually set out the key performance indicators (KPIs) that will be used to measure the success of the arrangement.
The KPIs might include things such as delivery times, quality of goods or services supplied, customer satisfaction levels, and so on. If either party fails to meet their KPIs, then they may be in breach of contract.
Assignment Activity 2: Analyse the legal issues that relate to the creation of commercial agreements with customers or suppliers
Commercial agreements with customers or suppliers can create legal issues in a number of ways. For example, a customer might argue that a supplier did not meet its obligations under the agreement, while a supplier might argue that the customer breached the agreement.
Another potential issue is whether or not an agreement is legally binding. This will depend on a number of factors, such as whether both parties entered into the agreement willingly and whether both parties had the opportunity to read and understand the terms of the agreement. Finally, commercial agreements can also give rise to disputes about what was actually agreed upon by the parties. This can be difficult to resolve without input from legal professionals.
When a company creates a commercial agreement with a customer or supplier, there are several legal issues that need to be considered. One of the most important issues is whether or not an offer has been made. An offer is an expression of willingness to contract on certain terms, and it can be made either to specific individuals or to the public in general. If an offer is accepted, a contract will be formed.
Another important issue is whether or not an agreement has been reached through negotiations. In some cases, there may be an exchange of offers and counter-offers until both parties are satisfied. This process is known as “bilateral negotiation”.
The final issue is whether or not the agreement has been finalized. This depends on the specific terms of the agreement. For example, it’s possible to be under an oral agreement or to have a non-binding written or email agreement.
Commercial agreements can be complicated, especially if there are a lot of different parties involved. In order to avoid any legal issues, it’s important to make sure that all of the parties involved are on the same page, and that everyone has agreed to the same terms. One of the most common problems in commercial agreements is when one party tries to change the terms of the agreement after it’s been signed. This is known as the battle of the forms, and it can often lead to disputes between the parties involved.
Assignment Activity 3: Compare types of contractual agreements made between customers and suppliers
Services contracts are contractual agreements between customers and suppliers of goods and/or services. A service contract is also a legally binding contract that specifies the rights and/or obligations of each party involved in the agreement. The most common type of service contract is a Fixed-Price Contract, which is a contractual agreement in which the customer agrees to pay the supplier a fixed price for the delivery of predetermined goods or services.
Another type of contractual agreement used by businesses is a Mini-Competition Agreement. A mini-competition agreement is an agreement between two or more businesses in which each business agrees to submit a proposal for providing goods or services to the others.
The business with the best proposal then becomes the supplier for that particular good orThere are three types of contractual agreements between customers and suppliers: one-off purchases, framework arrangements and agreements, and call-offs.
One-off purchases are simple transactions in which the customer buys a specific product or service from the supplier.
Framework arrangements are more complex, as they involve an agreement between the customer and supplier to work together on a number of future projects.
Under a framework arrangement, the customer agrees to buy products or services from the supplier on a regular basis, but each project is negotiated separately.
Call-offs are similar to framework agreements in that they involve multiple future projects; however, under a call-off agreement, the customer only orders products or services from the supplier when they need them. This can be useful for customers with fluctuating demand.
Contracts for the hire and leasing of assets are entered into when a customer needs to use an asset that is not permanently owned by them. The supplier agrees to provide the asset to the customer for a predetermined period of time, at an agreed-upon price.
Framework arrangements are entered into when a customer wants to purchase goods or services from a supplier on a regular basis. The framework agreement sets out the general terms and conditions under which each purchase will be made, including the quantity and type of goods or services to be supplied, delivery times, payment terms, and so on.
Assignment Activity 4: Analyse the content of specifications for procurements
Specifications are important for any procurement, as they provide the detailed information that suppliers need in order to submit a proposal. In order to produce clear and concise specifications, it’s important to involve subject matter experts from both internal and external organizations. Additionally, market dialogue with potential suppliers can help clarify requirements and ensure that the proposed solution meets all of the needs of the organization. Ultimately, well-drafted specifications will save time and money during the procurement process by ensuring that proposals meet all of the desired requirements. Frequently, specifications for procurements are poorly drafted, due to the complex nature of the task.
Specifications for procurements should always be developed with the aim of getting the best product or service possible for the best price. They should be clear, concise and specific, leaving no ambiguity as to what is required.
It’s also important to develop a market dialogue with potential suppliers in order to get their feedback on what is possible and realistic. This will help to ensure that the final specifications are achievable and realistic.
Writing specifications should be a collaborative effort between those with the best knowledge of the situation as well as those with the most expertise. In this way, all parties will have a better understanding of the specifications. With clear, concise specifications all parties know what is to be expected. This means that proposals will more often meet expectations and that the procurement process can be more quickly and successfully completed.
The use of standards in specifications is important because it ensures that all bidders are bidding on the same requirements. This results in a more fair and competitive procurement process.
Standards also ensure that the products or services procured meet certain minimum requirements. This can be especially important for safety-critical procurements, where a product or service failure could have serious consequences.
On the one hand, standardising the requirements for a particular product can make it easier to compare different products and identify the best one for the job. But on the other hand, if too many requirements are specified in minute detail, it can actually reduce the range of products that are available to choose from. This is because potential suppliers might not be able to meet all of the detailed requirements, or they might not want to bother trying because there’s such a low chance of winning the contract. So in order to get more suppliers competing for your business, you might want to keep some of the requirements less specific and allow them more room for interpretation. That way, suppliers will have a better chance at meeting your needs and you’ll get a better range of products.
Assignment Activity 5: Appraise examples of key performance indicators (KPIs) in contractual agreements
A KPI is basically a performance measure that is specific, measurable, achievable, relevant and time-bound. When it comes to defining KPIs in contractual agreements, there are typically two types of measures: output measures and input measures.
Output measures track the results or outcomes of a contractor’s work, while input measures track the resources or inputs used by the contractor to produce those results. In order to ensure that both parties are clear on what is expected of them under the contract, it’s important for both sides to agree on which type of KPI will be used and how they will be measured.
Contractual performance measures or key performance indicators (KPI) are quantifiable values that help to assess the overall effectiveness of a contract. A well-defined set of KPIs can help to ensure that all parties involved in a contract are clear on what is expected from each other.
One of the most important contractual agreements between a service provider and its customers is the service-level agreement (SLA). An SLA sets out the minimum acceptable standards of service that the customer can expect from the service provider.
The key performance indicators (KPIs) specified in an SLA can help to measure whether or not the service provider is meeting its obligations to the customer. The use of KPIs in this way can help to ensure that both parties are held accountable for their actions and that disputes about service levels can be resolved quickly and fairly. Typical KPI measures to assess quality performance, timeliness, cost management, and other aspects of contractual agreements might include: number of defects found per unit produced, percentage of products delivered on time, average production lead time, cost of quality (including prevention costs, appraisal costs incurred to inspect product or services for compliance with contract requirements, and internal failure costs), number of customer complaints.
Assignment Activity 6: Analyse contractual terms for contracts that are created with external organisations
When organisations enter into contractual relationships, they will often do so on the basis of using standard terms of business. These are terms which have been formulated by one or both parties to a contract and which will be used as the basis for the agreement between them. There are a number of benefits to using standard terms of business.
First, by using standard terms, each party knows exactly what is expected of them and there is no need for negotiation over the specific details of the contract. This can save both time and money, as well as reducing the potential for misunderstandings. Second, by using standard terms, businesses can protect their interests more effectively.
The use of standard terms means that each party is bound by the same conditions and it is easier to protect against legal pitfalls which might arise. Lastly, standard terms can also help organisations comply with the law. By formulating and using standard terms, an organisation can be sure they are in line with any relevant legislation. Standard terms of business are commonly used in business-to-business transactions, and are typically advantageous to the purchaser.
Purchasers benefit from using standard terms of business because they can rely on the same terms being used by all of their suppliers, which leads to a more level playing field and increased bargaining power. In addition, standard terms of business often contain warranties and indemnities which protect the purchaser in the event that something goes wrong with the transaction.
Suppliers also benefit from using standard terms of business, as it leads to a more streamlined process and fewer disputes. Standard terms of business also help to clarify the expectations of both parties, and can help to avoid misunderstandings.
In summary, standard terms of business have a lot of benefits. In order to take advantage of all that standard terms have to offer, it is important to have a good understanding of what the law is in the relevant jurisdiction. By understanding the law and the risks, an organisation can protect against legal pitfalls which might arise.
There are a number of model form contracts which are frequently used in the construction industry, such as NEC, FIDIC, and IMechE. Each of these model form contracts has its own strengths and weaknesses, but they all share one common feature: they are all designed to be fair to both parties. This is achieved by including a number of standard clauses which are designed to deal with the most common problems that can arise during the course of a project.
The use of a model form contract can be very beneficial for both parties, as it removes the need for them to negotiate every single clause in the contract. This can save both time and money, and ensures that the parties start off on equal footing.
Assignment Activity 7: Recognise examples of contractual terms typically incorporated into contracts that are created with external organisations
One common example of a contractual term that is typically created with an external organisation is a Non-Disclosure Agreement (NDA). An NDA is a contract through which two or more parties agree to not disclose confidential information about each other. This type of agreement is often entered into when two companies are considering doing business together and want to ensure that any proprietary information they share remains confidential.
A Non-Disclosure Agreement is a contract through which two or more parties agree not to disclose any confidential information about each other. These agreements are common in business, when two companies are considering partnering up, but want to ensure that any proprietary information they share remains private.
Contractual term that is typically created with an external organisation is a non-compete clause. A non-compete clause prohibits the employee from working for or starting a competing business within a certain geographical area and for a certain period of time after leaving the company. This type of clause is often seen in contracts with high-level employees or employees who have access to trade secrets. Other common contractual terms that are typically created with an external organisation include indemnification provisions and arbitration clauses.
The extent of one’s agency in the contractual relation is the extent to which one is excused from, or protected by, the contractual obligations, including the extent to which one may choose the extent of the commitment.
Indemnity provisions are often included in contracts with an external organisation to protect the party who was wronged in some ways, including compensating the innocent party for the damages they have to pay, providing legal liability for any unintended damages, or providing any other type of restitution, including protection for defamation. There are a few key contractual terms that are often found in construction contracts, such as indemnities and liabilities, sub-contracting, and insurance.
An indemnity is a contractual term that obligates one party to compensate another party for any losses or damages that may be incurred. This can be helpful in mitigating risk for both parties involved in a contract.
Liability refers to the legal responsibility of an individual or organisation for any losses or damages that may be suffered by another person or entity. In construction contracts, liability is often assigned to the contractor or subcontractor who is responsible for completing the work outlined in the contract. This helps to ensure that if any damage or loss occurs as a result of their work, they are responsible for it.
Contractors are legally responsible for any damages that are caused by their work. This can include an innocent party being damaged by their work by things like building materials, noise, or vibrations. They are also legally responsible for any injury or death they may cause.
Assignment Activity 8: Recognise types of pricing arrangements in commercial agreements
There are a few different types of pricing arrangements that can be used in commercial agreements:
- The use of pricing schedules: In this type of arrangement, the buyer and seller agree on a set price for each unit of the good or service that will be exchanged. This type of pricing is often used in long-term contracts, where the parties have a good idea of how much they will need to exchange over the course of the contract.
- The use of fixed pricing arrangements: In this type of arrangement, the buyer and seller agree on a fixed price for the entire transaction. This type of pricing is often used in one-time transactions, where it’s difficult to estimate how many units will be exchanged.
- Payment terms: Sometimes sellers want payment upfront, while buyers want to pay over time. The parties can come to a mutually agreeable arrangement to allow the buyer to make installments over time.
- The use of payment installments: This type of arrangement allows the seller to receive payment upfront, while the buyer is able to pay the entire sum over time and there are even more ways to set prices for commercial transactions.
Cost plus pricing is a pricing arrangement in which the seller agrees to recover all incurred costs plus a predetermined profit margin. Cost reimbursable pricing, sometimes called cost plus with incentive fee, is a variation of cost plus pricing in which the buyer agrees to reimburse the seller for all costs incurred and also agrees to pay an additional fee or commission above the costs incurred.
The key advantage of cost plus and cost reimbursable pricing arrangements is that they provide certainty for buyers and sellers with respect to what the final price will be. This certainty can be important where there are significant uncertainties about the amount or timing of costs that will be incurred.
Some sales contracts may provide that the seller will be paid over a period of time, often called a “deferred sales price” or a “flow-through of trade discount.” Such a provision usually means that the buyer will receive a price reduction in the near-term and will repay the full price of the goods in installments.
Fixed pricing is where the price of a product or service is set for a specific time period. It offers certainty for buyers and sellers, as each knows what they will pay or receive. This can be useful in cases where demand or supply is uncertain.
Fixed pricing is often used in markets with little competition, as it allows firms to maintain their prices without the fear of being undercut by competitors. It can also help to build customer loyalty, as buyers know that they will always pay the same price for a product or service. However, it can also lead to higher prices if there is little competition in the market. As with variable pricing, it is important for both buyers and sellers to consider the risks of fixed pricing. These risks include the chance that the price will be set at an amount that is too low to cover the cost of producing the product or service, or too high to make it affordable to the customer.
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