Contract Management

Which of the following is an element of contract

• Definitions

• Scope of agreement

• Specifications, quality, and health, safety, and environment

• All three of them

In firms fixed price contract

• Price is fixed and can't change

• Price is not fixed and can be changed

• Price does'nt matter

• Cost is the main factor

Fixed-Price with Escalation

• Used for longer-term contracts where costs are likely to increase over time

• price never changes

• Price is secondary option

• Never considers third party

Fixed-Price with Incentives

• Nevers Incentivize the supplier uder condition of high cost and longer lead times

• is the simplest and easiest contract

• Incentivize the supplier uder condition of high cost and longer lead times

• None of these

Cost-Sharing contracts

• Allowable costs are shared between parties on a predetermined percentage basis

• Allowable costs are never shared between parties on a predetermined percentage basis

• Allowbale costs are never shared between parties

• Allowable costs are shared but there is no predertemined %

purchases that are made on a nonrecurring or limited basis

• Long term contract

• Short Term

• Spot contract

• None

contract purchases that are routinely made over a relatively limited time horizon

• Short-term contracts

• long term Contract

• Spot Contract

• Collaborative contract

Contracts made on a continuing basis for a specified or indefinite period (often ≥ 1 year)

• Long term

• Short term

• Spot

• All of these

Common Pitfalls in Global Commerce include

• Signing contracts without reading them

• Making reasonable demands

• Both A&B

• None

Force Majeure is an element of contract that deals withe

• Collaboration with 3rd part

• Unforseeable circumstances

• Effective date and termination

• Technology specifications