Chris Joseph writes for websites and online publications that correspond to economics and technology. He has a bachelor`s degree in marketing from York College in Pennsylvania. So you have it: the English business vocabulary that will set you on the path to a successful contract. Remember that the practice is perfect, so keep working on these words until you are fluid. Good luck! It is advisable (if possible) to ensure that your business agreements are available in writing in order to avoid any problems when trying to prove a contract. Liability insurance is taken out by a company to cover damage to customers on the spot or by the product they have supplied. Reserve Part of the contract price retained by agreement between the parties for an agreed period after receipt of the product until it can be proven that they are fully compliant with the specifications in the event of daily use. There are two types of framework agreements: a single supplier that orders, as required, the goods and services covered by the agreement and – a framework for several suppliers – with at least three (3) suppliers – in which a mini-competition is concluded whenever all suppliers are subject to a requirement. Framework agreements Also known as permanent agreements, permanent agreements, appeals and appeals contracts. It is a form of „empowerment agreement“ with a supplier that covers the terms (including the price) of purchases made under the agreement, which are generally agreed on a central point and whereby buyers „use“ to meet their requirements. Unless a certain volume of delivery is bound over a period of time, the agreement will only become a legally binding contract when the appeal takes place. A contract may indicate that the parties must agree not to disclose confidential information that could cause harm to either party.
For example, a company that assigns a freelance writer to create its marketing materials, such as brochures and website pages, may have to exchange information about the company`s marketing strategy to enable the author to do his work effectively. The author must agree not to disclose this information, especially with the company`s competitors. It seems that after months of negotiations, we have not yet reached an agreement for this agreement. Application Also known as tender – the buyer invites suppliers to provide for companies, usually specifications and conditions and conditions. Investigation documents include all documents – specifications, terms and conditions, etc. – that have been forwarded to suppliers so they can make an offer. Professional Liability Insurance With regard to insurance, claims must be insured by other persons, real estate or companies that have been affected by the misconduct of the professional staff of the insured company (relevant to architects, lawyers, accountants, etc.). Debriefing The term used to explain to unsuccessful bidders why they did not receive the business and help suppliers improve their competitive performance. Let`s move on to the contractual vocabulary you need to successfully negotiate contracts.
Contract management is part of running a small business.