“Adhesion Contract”

Is a contract where it is clear there is an unequal distribution of leverage by one entity used to influence the terms of an agreement and the fairness of the agreement can be called to question, specifically when exploitation through coercive measures would be prevented by providing protection of the weaker position

#business #management #legal #contract #anticorruption

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“Voidable Contract”

Is a contract where it is proven that an entity was incapable of giving consent because of insanity, inebriation, significant disability, or coercion using violence and/or intimidation, or a material fact was omitted, and/or there was fraud

#business #management #legal #contract

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“Annulled Contract”

A contract is proven to be legally unenforceable by some condition under which it was signed and when the legal act of recinding (voiding) the contract is complete , all entities will remain as if it has never existed.

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“Delegation of Authority” (DoA)

Defines the conditions under which a specified, such as amounts beyond a specified person is authorized to provide approval, such as spending beyond a certain threshold, purchases of categorical items, or temporary authority in the absence of the primary, where legal responsibilities remain in effect.

#business #management #supplychain #procurement #authority

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“Simple Contract”

An agreement between entities without the necessity of being made formally or in-writing, that requires certain elements to be present for validity.

#business #management #supplychain #procurement #contracts

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“Unconscionable Contract”

The contract is rendered unenforceable by an act or an omission which intentionally or subjectively misleads one of the entities into entering the agreement.

#business #management #supplychain #procurement #contracts

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“Express Contract”

The details of all terms and conditions are explicitly stated in the contract document and directly communicated between the entities entering into the agreement.

#business #management #supplychain #procurement #contracts

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“Implied Contract”

Is neither formally written nor signed and may have little or no clarification in-writing, the terms and conditions are loosely understood, yet compliance is expected.

#business #management #supplychain #procurement #contracts

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“Unilateral Contract”

The process of accepting the agreement is synonymous with performance of the contract and required by only one of the contracting entities.

#business #management #supplychain #procurement #contracts

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“Bilateral Contract”

Each of the entities in an agreement commits to take a course of action simultaneously and performance is the value in the contract being exchanged.

#business #management #supplychain #procurement #contracts

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"Standard Purchase Order" (PO)

Specific goods and services to be purchased, quantities, delivery, and price, are in a contract with a supplier where the terms and conditions such as payment are set down in the purchase order.

#business #management #supplychain #procurement #PO

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"Blanket Purchase Agreement" (BPA)

The specific goods and services to be purchased are all that’s known when entering a long term agreement with a supplier and negotiated prices can be set down, also known as a standing order or blanket purchase order.

#business #management #supplychain #procurement

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"Planned Purchase Order" (PPO)

The goods and services to be purchased, quantities, and pricing, are known before entering an agreement with a supplier where the terms are set within the contract purchase order.

#business #management #supplychain #procurement #PPO

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"Blanket Release"

A record that, when issued, authorizes the use of allocated funds to make a purchase against a blanket purchase order and includes details of delivery, quantity, and price applied to meet conditions of the order.

#business #management #supplychain #procurement

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"Barcode"

A machine readable linear display usually 10 to 12 digits in length and used to convey information about an item

#business #management #inventory #tracking

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“Purchase Agreement”

(PA)

An agreement that only need contain the terms and conditions governing future purchases of goods and services from the supplier without specifying order details

#business #management #supplychain #procurement

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“Upstream”

The supply side of supply chain management where suppliers provide material inputs required for production of goods in manufacturing

#business #management #supplychain #procurement #SRM #upstream

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“Value Based Management"

A methodology that provides a total cost versus total return Perspective using either financial or quality of service measures for execution of the corporate strategy

#business #management #strategy #value

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“Balanced Scorecard”

A business strategy tool with mapped dependencies of metrics from the stakeholder perspectives of Financial, Customer, Process, Learning & Growth, and essential to achieving corporate objectives

#business #management #strategy #resources

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