L4M3 - CIPS: Commercial Contracting
Latest 2024 Graded A+
Ad-Hoc Purchase An item bought for a single and non-recurring use or purpose
Alternative Dispute Resolution (ADR) Any method of resolving a dispute between two
parties which does not involve court action, including escalation to hi...
L4M3 - CIPS: Commercial Contracting Latest 2024 Graded A+ Ad-Hoc Purchase ✔✔An item bought for a single and non -recurring use or purpose Alternative Dispute Resolution (ADR) ✔✔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 ✔✔The legal document creating a commercial company and setting out its purpose Base Year ✔✔The starting point for an index, at which point the ind ex is set to 100 Battle of the Forms ✔✔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 Bespoke ✔✔Made or provided especiall y for a specific end user Bribery ✔✔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 adva ntage (whether or not the function is improperly performed) Category ✔✔A group of goods or services that have shared characteristics CISG ✔✔The Vienna Convention on Contracts for the International Sale of Goods, a United Nations treaty seeking to harmoni ze contract terms for the sale of goods between different countries Closed System ✔✔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 additiona l buyers or suppliers can be added to it. Code of Practice (CoP) ✔✔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 g iven environment or carrying out a particular function Collusion ✔✔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 ✔✔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 ✔✔A country which has signed the Vienna Convention on CISG Corruption ✔✔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 members), or career promotion. Both the providing and receiving of the advantage are corrupt practices. Debt -Bondage ✔✔A person's pledge of labour or services as security for the repayment of a debt or other obligation, where there is n o hope of actually repaying the debt Defects ✔✔Any aspects of delivery that do not match the specification
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