L3M3 Contract Administration Recap Week 2

A Remittance Advice is...

• A request for information

• A request for a quote

• A confirmation of delivery

• A confirmation of the invoice paid

I allow buyers to compare and select the best offer...Who Am I

• Quotation

• Tender

• Call Off

• Information

I enable buyers to understand the market and identify potential suppliers...Who Am I

• Quotation

• Tender

• Call Off

• Information

I ensure that both parties are aligned on the order details and delivery expectations...Who Am I

• Quotation

• Order Acknowledgement

• Invoice

• Delivery Note

I ensure that the supplier is compensated for their goods or services...Who Am I

• Quotation

• Order Acknowledgement

• Invoice

• Delivery Note

A business case is...

• a justification for a proposed project or undertaking on the basis of its expected benefits

• a detailed financial report that outlines the company's annual revenue and expenses

• a marketing strategy designed to promote a new product or service to potential customers

• a legal document that outlines the terms and conditions of a business partnership

What is the name for a contract that runs for an agreed period of time and allows the buyer to request delivery of products throughout its duration at a set price.

• Spot purchase

• Framework Agreement

• Call off order

• Panel contract

What is a Contract

• An agreement between two or more parties which is intended to be honoured.

• An agreement between two or more parties which is intended to be enforceable by any means feasible.

• An agreement between two or more parties which, all other things being equal, is intended to be enforceable by law.

• .An agreement between two or more parties which is enforceable in law.

What is the name given to costs which do not vary as activity levels in a business increase or decrease?

• Direct costs

• Variable costs

• Fixed costs

• Indirect costs

Profit is not a cost. True or false...

• True

• False