How do your contract skills compare with those of world-class purchasing professionals?

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  • I know how the Uniform Commercial Code can be superseded by the terms of a contract

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