L4M3 - CIPS: Commercial Contracting
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, ...
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 index 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 especially 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 advantage (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 harmonize 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 additional 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 given
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 no hope of actually repaying the debt
Defects
Any aspects of delivery that do not match the specification
Defendant
The person defending a claim brought against them
Developing Economy
A national economy which is generally held to be still developing its industrial base, financial institutions
and economic infrastructure
Diminished Capacity
A person's inability to enter a contract, e.g., because they are a minor, are suffering from mental health
issues, or are under the influence of drugs
Direct Call Off
The actor placing an order under a framework agreement without having further competition
Disincentive
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller ACADEMICSTORE. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
