The groups or individuals that have some indirect involvement in sourcing initiative creation, planning and implementation and are also affected by the outcomes. For example, the company's...
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Something of value given or done as recompense that is exchanged by two parties; that which binds a contract.
Inventory that is owned by a supplier, either on the supplier’s premises or the customer’s, until it is used by the customer.
Preparing to deal with calamities (e.g., floods) and non-calamitous situations (e.g., strikes) before they occur. May include an element such as Disaster Recovery Plan or Business Continuity plan...
The ongoing effort to improve products, services, or processes. These efforts can seek "incremental" improvement over time or "breakthrough" improvement all at once. Some...
Is a legal agreement between two or more parties which is enforceable by law and subject to legal remedy when breached. Contracts have four (4) elements: agreement (mutual assent), consideration (...
The management of all actions after the award of a contract that must be taken to assure compliance with the contract; e.g., timely delivery, acceptance, payment, closing contract, etc. Also...
The goal of contract compliance is to make sure that the organization is buying on contract, honoring commitments and realizing the negotiated pricing, savings quality and service levels that were...
A contract line item refers to each of the items on PO. Often purchase orders have more than one product or service on the PO. For example, grocery retail may order apples and oranges. Each...
The management of contracts made with customers, suppliers, partners, or employees. Contract management includes negotiating the terms and conditions in contracts, ensuring compliance with the...