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Contract terms are statements by the parties to the contract as to what they understand their rights and obligations to be under the contract. It is important from the outset that there is a genuine agreement between the parties as to what the contract terms are. After the contract has been made, it is too late for either party to alter its terms unilaterally. Which of the following is another role that negotiated contract terms might play?

Options:

Defining conditions and contingencies that may alter the arrangement

Ensuring any future contracts will be on the buyer's terms

Providing a guarantee that the supplier will never fail to perform under any circumstances

Identifying the type of contractual disputes in which the courts might decline to adjudicate

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Question 2

A construction company wishes to place the contract for the building of a new hotel with a principal contractor using a model form contract. Which of these is an advantage of using a 'model form contract'?

Options:

It avoids the requirement to create complex contracts each time but can be adapted to suit particular circumstances

Incentive payment terms can be included to reward the supplier for attainment of cost savings

Legal advice is still required if significant amendments or variations are to be made to the contract

Formulae or indices can be included to assess any additional supplier's claims for contract price adjustment

Question 3

Fear of the unknown, peer pressure, organisational politics are examples of reasons why people might:

Options:

Invest in a corporation

Resist change

Resist promotion

Take up procurement as a career

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