Mastering Procurement Contract Documentation
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Questions and Answers

Which of the following best defines a contract?

  • A checklist of documents that form part of a commercial contract
  • A legally binding agreement between parties (correct)
  • An evaluation of the value each document provides to the final contract
  • A promise of value

    • What does the term 'value' represent in a contract?

  • Achieving the five rights of procurement
  • Incorporating whole-life costs
  • The ability to achieve sources of added value
  • All of the above (correct)

    • Which of the following is an example of value for a supplier in a contract?

  • Quality and time
  • On-time deliveries from the buyer
  • On-time payments from the buyer (correct)
  • Agreed terms and conditions

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