The best medicine
The Vocabulary of Contracts:
Wortschatz für Verträge:
Liquidated damages
A liquidated damages clause is a clause whereby the buyer makes a real attempt to estimate the loss likely to be incurred by a breach of contract. In which case the buyer may recover the amounts mentioned, no more, no less ie the liquidated damages clause must represent a genuine estimate of the damages.
Market testing: Contracting out
In government, used to describe testing the efficiency of in-house services against tenders from outside firms. It also has, of course, a more general meaning – testing the market for goods and services to tap the widest possible supplier base.
Materials coding and classification
Any system of uniquely identifying items in order to provide management information on purchasing and stockholding activity.
Materials management
A term used to describe the purchasing and supply activity, primarily developed in a manufacturing context and with an emphasis on materials handling, stock control and distribution.
Patent
The grant of a limited monopoly in respect of a new registered invention capable of industrial application. It prevents anyone else from making, using, disposing of, importing or keeping any physical item that infringes it.
Post-tender negotiation (PTN)
Discussions with a supplier or suppliers after their offers have been received, with the aim of achieving better value for money.
Pre-qualification
A process by which prospective suppliers are selected for a tender list. It involves their assessment judged against pre-set and objective technical, financial and commercial criteria.
Principal/agent/factor
Principals are the main parties to a contract. Agents or factors are people appointed by principals to make contracts on their behalf
Progress payments
Normally employed for high-value capital-intensive contracts where the supplier requires pre-funding in order to maintain a positive cash flow during production. The contract sum is phased over the manufacturing period and preferably, payments are only released to the contractor on evidence of completion of a work stage.
Professional Indemnity insurance
Here the aim is to ensure claims made by others whose persons, property or business have been affected by a wrong done by the professional staff of the insured company (relevant for architects, solicitors, accountants, etc).
Pro-forma invoice
An invoice is prepared before either commencement or completion of a contract to enable the buyer to obtain customs clearance for goods.
It also applies to any pre-payment for goods, not just, imported goods.
Public liability insurance
Is taken out by a business to cover against harm done to customers on the premises or by the product they are supplying.
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We need signs like this in Germany…..
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Business English Word of the Week:
Wort der Woche Geschäftsenglisch:
A person can lose their job in one of three ways:
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Sacked, fired, let go, dismissed, and by dismissal.
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To quit / to resign / to give/hand in a resignation letter.
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Laid-off, to be made redundant.
Law English Word of the Week:
Gesetz Englisches Wort der Woche:
Obey – to obey the law
Verge (on the) – on the verge of something
Astray – to go astray.
Vocabulary of Contracts:
Wortschatz für Verträge:
Purchase order form
A pre-printed form is used to enter into an agreement with a supplier and usually includes the buyer’s terms and conditions
Purchase requisition form
A pre-printed form is usually completed by the end-user and budget holder, requesting the buyer to make a purchase and providing authority to commit expenditure.
Quality assurance
All the equipment and procedures which a supplier employs to check, monitor, and document factory processes or service activities to ensure and demonstrate that goods and services supplied conform to the buyer’s requirements and published quality standards.
Quality systems
That part of the management systems, of both supplier and buyer, which is directed towards ensuring that goods or services will be fit for purpose. ISO9000 is the commonly derived standard for quality systems.
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Off to the side, Larry’s buddies were shouting out advice to him!
Special words: = Besondere Worte:
A ‘Jobsworth’ = is an official who upholds petty rules even at the expense of humanity or common sense.
“Many public parks abound with jobsworths who delight in yelling that you can’t do that without special permission.“
“It’s more than my job’s worth to …..”
Wit, Wit, Wit Business examples:
Witz, Witz, Witz Geschäftsbeispiele:
“I am a gentleman – I live by robbing the poor.”
Quote by George Bernard Shaw.
Phrase of the day: Satz des Tages:
“Trying to crack a walnut with a sledgehammer.” This is English meaning overkill.
Special words: = Besondere Worte:
A special English slang word = Dodgy = dishonest or unreliable.
deceitful, fraudulent, false, corrupt, lying (see criteria to be a politician).
E.g. “A dodgy second-hand car salesman.”
Quote of the week/month: Zitat der Woche/Monat:
“I like it when a task is too hard to do, because I can quickly decide to give up on it.”
Mark Brislin (2015 – 2016). I like this quote!
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