Month: March 2022

The advantages of negotiation are that it limits the number of players to those involved in the dispute. This allows for a focused approach to problem solving. Arbitration allows a third party to resolve disputes between two or more parties. Read More …

Several objectives are common to all procurement or sales negotiations: To obtain the quality specified To obtain a fair and reasonable price To get the supplier to perform the contract on time. To exert some control over the manner in Read More …

Contract negotiation This is an action of two (or more) parties consulting about a possible arrangement of partnership. Their goal is to make an agreement that will be advantageous for all parties involved. Talks may go on between the parties Read More …

Very rarely, a contract will provide that termination of the contract will cancel the contract as if it had never been entered into. However, for most contracts, termination results in all parties being relieved of performing future obligations under the Read More …

Definitions 1. General: Failure to do something required by an agreement, in the performance of a duty, or under a law. 2. Borrowing: Failure to meet the terms of a loan agreement. Its two types are: Fiscal: – Failure to Read More …

Penalty clause is a contractual provision that provides for payment of an amount as forfeiture on breach of the contractual provisions. Usually the amount will be unrelated to the actual harm suffered. These clauses are added so as to prevent Read More …