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19 Cards in this Set
- Front
- Back
Types of Contract terms
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Express,
Implied, Warranty, Condition |
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Caveat Emptor
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Common law principle that means: Let the buyer beware
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Remedies for Contract Failure
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Damages,
Specific performance, Injunction, Quantum Meruit |
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Meaning of Liability
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The legal and financial responsibility or obligation of an entity in a situation.
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Types of Liabiiity
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Strict Liability and,
Vicarious Liability |
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Indemnity Clause
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Assigns primary liability to the other party in the contract
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Indemnity clauses might include:
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Costs or Debts,
Loss or damage to the buyer's propertyas a result of neligent or defective work, Business losses incurred by a suppler's poor advice, Injury to staff, cusomers or 3rd parties caused by negligence |
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Limitation of liability
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Exclusion clause is applied to contract clauses which,
Totally excludes one party from the liability which would otherwise arise from some berach of contract, or which, Restrict or limit its liability in some way, or which, Seek to offer some form of 'guarantee' in place of normal liability for breach of contract. |
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Testing, inspection and acceptance clauses may be used to stipulate:
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The buyer is not legally bound to accept delivery of goods before inspection and/or testing of the goods to ascertain that they confirm to specification and are fit for purpose and,
That the buyer is to be allowed a reasonable time to inspect and test incoming goods |
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Liquidated damages purpose?
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To put the injured party into the position it would have been in if the contract had been properly performed.
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Force Majeure Clauses purpose?
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To release the parties from liability in circumstances where their failure to perform a contract results from circumstances which were unforseeable, for which they are not responsible, and which they could not have avoided or overcome.
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Force Majeure circumstances?
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'Act of God',
Flood, Earthquake, Fire, Storm, And other natural and pysical disasters, War, Revolution, Riot or Civil disorder, General industrial disputes and so on. |
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Intellectual property rights include?
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Technological inventions,
Products carrying a distinctive design, Trade marks or service marks, Copyright |
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Opportunities in international sourcing?
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Access to required materials, facilities, and/or skills,
Access to a wider supplier base, Opportunities for cost savings, Competitive quality, Reduced regulatory and compliance burden, Leveraging available ICT developments, Ability to compete |
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Downside risk in international sourcing?
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Socio-cultural differences,
Language barriers, Legal issues, Logistical and supply risks Technical risk, Increased security risks to personnel and operations, Exchange rate risk, Payment risk, Difficulties in monitoring and assuring quality, environmental and ethical standards, General STEEPLE factor risks |
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Compliance, legal and reputational risk include factors such as:
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Differences in legal frameworks,
Issues around applicable law, Differences in ethical standards and the cost and complexity of managing them, A way to minimise risk is to use incoterms |
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Model Form Contracts?
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NEC,
FIDIC |
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Use of risk registers and notices
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Management tool to support project risk in a collaborative and proactive manner
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Compensation Events
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Mechanism through which contractors can submit claims to compensate them for the negative effect of contingencies
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