How do your contract skills compare with those of world-class purchasing professionals?
PurchTips edition #4
By Charles Dominick, SPSM, SPSM2, SPSM3
Purchaser's Contract Competency Checklist
- I use formal guidelines in determining when it is prudent to use a contract instead of a P.O.
- I know how to determine the best form of agreement (general terms agreement, letter of intent, etc.) for a particular situation
- I know how to structure a contract including the use of exhibits for efficiency
- I know at least 6 different types of remedies that can be used when a contracted supplier fails to perform
- I know the advantages and disadvantages of using at least 4 ways of resolving disputes with contracted suppliers
- I know how to use indemnity provisions to prevent my company from being sued
- I know how to write language that can limit the financial risk to which my company is exposed
- I know how to determine if a supplier's Force Majeure provision gives an excessive amount of protection to the supplier
- I know how to write language that protects my company from undue price increases
- I know how to write language to guarantee that my company gets the best pricing offered by a supplier
- I know how to write or modify specifications to make them most suitable for inclusion in contracts
- I know how to write warranties that will ensure that my company receives a fully guaranteed product or service
- I know how to refer to a document such that it becomes a legally enforceable part of a contract
- I know how to modify contracts after they have been signed by using addenda or amendments
- I know how the Uniform Commercial Code can be superseded by the terms of a contract
Do You Want a More Rewarding Procurement Career?
Are you tired of not getting enough opportunities, respect, and money out of your procurement career? Well, guess what? Nothing will change unless you take action towards becoming a world-class procurement professional.
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Need Better Performance From Your Procurement Team?
Are you a procurement leader whose team isn't achieving the results you know are possible? Maybe it's not enough cost savings. Or frustrating performance from the supply base. Or dissatisfied internal customers.
You need a performance improvement plan that's easy to implement and quick to produce results. The NLPA can help.
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Are You Getting The Most Out of Your NLPA Membership?
Members of the NLPA get more than just articles like this by email. As a member, you also get access to:
- The Procurement Training & Certification Starter Kit
- The latest Purchasing & Supply Management Salaries Report
- Leading-Edge Supply Management™ magazine
- Members-only webinars 10x per year
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If you haven't been taking advantage of these benefits, why not log in and start now?
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Other Editions of PurchTips:
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