L4M3 - CIPS: Commercial Contracting ( 113 questions and answers)complete

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 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