Vocabulary of Contracts: Verträge

Vocabulary of Contracts: Verträge

PS: At this point, I have no idea what this means.

I shall ask my American friends.

Perhaps it is always sunny in Texas and so you do not get all sorts of kinds of weather in one day – just sunshine?

 

Potty training is a typical English slang way of talking about teaching your children how to go to the toilet.

 

Wit, Wit, Wit Business examples:

Witz, Witz, Witz Geschäftsbeispiele:

“Inside the jars were discovered six parchment scrolls with ancient incomprehensible writing which the shepherd, in his ignorance, sold to the museum for $750,000 apiece.” Quote by Woody Allen.

The Vocabulary of Contracts:

Wortschatz für Verträge:

Acceptance of offer
The unconditional acceptance of an offer forms the contract. It may be either oral, in written form or in an implied form of conduct. Where the means of communication is instantaneous (i.e. face-to-face, telephone, fax or email) the contract will come into being when and where the acceptance is received. If it is posted it is deemed effective from the time of posting.

Advice notes/goods received notes
A supplier advising that a consignment of contracted goods has been dispatched issues a goods advice note. A Goods Received Note (GRN) is issued by the buyer to acknowledge delivery, but not necessarily acceptance of a consignment.

Agreement
A generic term for a legally binding undertaking between the buyer and supplier, in terms of the obligations, relationships and responsibilities between them, that is commonly described as a contract. In its simplest form, an agreement can be verbal. The more usual approach is to have it in writing, using either a standard document or a specifically prepared document (often described as a ‘contract‘). Once an agreement has been made there is a commitment.

Approved list
Also known as a ‘trade list‘, ‘eligible list‘ or a ‘select list‘ of potential suppliers.

Approved Supplier
Approved supplier refers to the vendor who is in sync with the minimum required performance criteria in relation to an efficient service, delivery, quality, pricing, etc.

Arbitration
The nomination of an independent person or body within a contract to solve disputes is a more economic and quicker mechanism than the law courts and one that tends to attract less publicity. Arbitration is common in work contracts.

Assignment/novation
In law, one party cannot unilaterally transfer or assign any of its liabilities or obligations under a contract, but it may be able to assign its rights or some of them. One party can assign its liabilities and obligations to a third party, but only if there is a trilateral agreement between the parties concerned. Such an agreement is called ‘novation‘. (which is not applicable in Scotland).

Banker’s guarantee
Some suppliers offer or are required by the buyer, to provide, at their own expense, a promise from their bankers to underwrite any debt, default or failure of the supplier to perform its contractual obligations.

Bid
It may also be known as a tender, quote or quotation: a supplier’s offer to provide goods or services for consideration, in response to the buyer’s inquiry or invitation to quote/tender.

Bid appraisal
It may also be known as bid (or tender) analysis, evaluation or assessment. The formal process of looking at suppliers’ bids to identify which provides the best value for money. It may use various scoring techniques; such as whole-life costing to set out the components of the bids and compare them on a like-for-like basis. The outcome can be a ranking of the bids and a summary report that will assist the decision-making process.

Bid conditioning
A process whereby suppliers’ bids are scrutinized for conformity with the inquiry documents. Errors and omissions are rectified and other points are clarified so that a like-for-like evaluation of the bids can be made. This process should be distinguished from post-tender negotiation.

Bill of material
A list of materials, parts, components or sub-assemblies which comprise a product.

Bill of loading
Someone who wishes to move goods by sea can make a contract to have the goods carried on another person’s ship. The bill of loading itself is a receipt to show the goods have been put on board, evidence of the terms of carriage and a document of title which can be used to transfer possession even if the goods are physically at sea.

 

Quote of the week: Zitat der Woche:

“What we do when nobody is looking is who we really are”. Joyce Meyer.

 

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