From the course: Purchasing Foundations
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Contract management
From the course: Purchasing Foundations
Contract management
- "It usually costs less to avoid getting into trouble "than to pay for getting out of trouble." So says Louis Brown, who is often called the father of preventive law. When it comes to managing contracts in today's global business environment, this is especially true. You want to stay out of trouble, and the key to effectively managing a business global relationship is to start with a well-written contract. But first what is a contract? It's an agreement between two parties to accomplish a specific task. You can contract for the sale and purchase of property or goods, or for the transfer of services. One type of contract that is important to you as a buyer is the purchase agreement. Purchase agreements group similar items together, for example office supplies. It helps you to avoid the expense of placing several small orders with the supplier, and it also may give you price discounts based on the volume of the agreement. Typical purchase agreements include annual contracts, which…
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