Procurementtips.com - Exchanging tips, tactics, information and views between Purchasing and Supply Management Professionals teblos

Go Back   Procurementtips.com - Exchanging tips, tactics, information and views between Purchasing and Supply Management Professionals > World-Class Procurement Processes > World Class Procurement Definitions
User Name
Password
Register Help Members List Calendar Search Top Posts Mark Forums Read

World Class Procurement Definitions A forum for defining key terms / definitions as it applies to World Class Procurement and Supply Chain Management

Reply
 
Thread Tools Search this Thread
  #1  
Old 08-18-2006, 08:38 PM
bernievn's Avatar
Administrator
 
Join Date: Sep 2005
South Africa
Posts: 116
bernievn has disabled reputation
Default Contract

An agreement between two or more competent persons or companies to perform or not to perform specific acts or services or to deliver merchandise. A contract may be oral or written.

A purchase agreement when accepted by a supplier, becomes a contract. Acceptance may be in writing or by performance, unless the purchase order requires acceptance in writing.


Source: http://www.apics.org/
__________________
Is profit made when you buy or when you sell?
Reply With Quote

-->
  #2  
Old 08-18-2006, 10:46 PM
bernievn's Avatar
Administrator
 
Join Date: Sep 2005
South Africa
Posts: 116
bernievn has disabled reputation
Default Re: Contract

Contract - a contract is an obligation, such as an accepted offer, between competent parties upon a legal consideration, to do or abstain from doing some act. The essential elements of a contract are: an offer and an acceptance of that offer; the capacity of the parties to contract; consideration to support the contract; a mutual identity of consent; legality of purpose; and sufficient certainty of terms. Under the Government Contracts Regulations, a contract means a construction contract, a goods contract, a service contract or a lease entered into by a contracting authority.

Source: Canadian Govt
__________________
Is profit made when you buy or when you sell?

Last edited by bernievn : 08-18-2006 at 10:49 PM.
Reply With Quote
  #3  
Old 09-01-2006, 05:03 PM
Junior Member
 
Join Date: Sep 2006
South Africa
Posts: 1
Bassanna is on a distinguished road
Default Re: Contract

What is the difference between a warranty and a guarantee?
Reply With Quote
  #4  
Old 10-05-2006, 10:50 AM
Regular Member
 
Join Date: Sep 2006
South Africa
Posts: 30
Izak is on a distinguished road
Default Re: Contract

Warranty - A statement, either written, expressed or implied, providing assurance that some specified provision in a contract, such as a sale, is true.

Guarantee - A promise, especially in writing, that something is of specified quality, content, benefit, or that it will provide satisfaction or will perform or produce in a specified manner.
Reply With Quote
  #5  
Old 03-14-2008, 03:45 PM
Procurementtips Member
 
Join Date: Jan 2008
United Kingdom
Posts: 16
ComSec is on a distinguished road
Default Re: Contract

"consideration to support the contract"
Consideration is the "thing" that is exchanged.
This can be financial or a promise in either direction.
I thought that "consideration to support the contract" was not clear enough.
Reply With Quote
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off


All times are GMT +2. The time now is 12:18 AM.


Copyright 2000-2015, ProcurementTips.com
Single Sign On provided by vBSSO

Content Relevant URLs by vBSEO 3.2.0 (Unregistered)