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Questions and Answers
Which of the following best defines a contract?
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?
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?
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
