This paper is to discuss and analyze various elements in the formation of contract using legal provisions in Contract Act 1950 of Malaysia and legal precedence. 1. What is a contract? According to section 2(h) of Contract Act 1950 (hereinafter referred to as CA1950), a contract is an agreement enforceable by law. There is a common misconception that the term ‘agreement’ is interchangeable to the term a ‘contract’. In fact, this is legally incorrect. An agreement is simply an unconditional
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procurement/contracting community to implement large chucks of the legislation and has brought tremendous challenges (through new rules and laws) into the area of contract administration. The burdens of the Recovery Act have been enormous for the contract community because of the enormous oversight required of the funds and contracts associated with the Recovery Act itself. Federal Acquisition Regulations (FAR) should never have been burdened with these extensive responsibilities The purpose
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Basis for Bid Evaluation 4 1.10. Ethical Standards 4 1.11. Responsibility for Surety Bonds 4 1.12. Proposal Format 4 1.13. List of Bidders 4 1.14. Letter of Acknowledgment 4 2. DESCRIPTION OF WORK 5 2.1. Engineering Contracts 5 2.2. Construction Contracts 5 3. PROPOSAL 5 3.1. Breakdown of Bid Price 5 3.2. Revisions and Extra Work 5 3.3. Escalation Formulas 5 3.4. Scheduled Completion Dates 5 3.5. List of Subcontractors 5 3.6. Key Supplier or Contractor Personnel 5 3
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Outsourcing fms It should be remembered that the globalization has changed the rule of the game. It is important for corporate to focus on their core competency and get the other work done through competent professional agencies. This would help corporate derive the benefits of higher profitability through better efficiency and productivity. Reasons for outsourcing fms * To concentrate on the core activities * To minimize industry uncertainty * To get higher durability and performance
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Definitions 7 Article 2. Application of the Terms and Conditions 7 Article 3. Place of Sale / Performance of Obligations 7 Article 4. Products Subject to Purchase and Sale Contract of Products 7 Article 5. Steps Before Entering into Purchase and Sale Contract 8 Article 6. Entering into Purchase and Sale Contract 8 Article 7. Payment of Purchase Price 8 Article 8. Delivery and Transportation of Products 8 Article 9. Assembly and Installation of Products 9 Article 10. Guaranty of the
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Embedded in certain contracts are several types of incentives; cost, performance, and delivery that encourage contractors to perform within contract requirements. Burleson states that cost-incentive contracts are the most common and the target profit or fee is established at the start of the contract. “Full profit or fee is paid when the actual cost meets the target cost. A fee reduction results when the actual cost exceeds the target cost, and an increase in profit or fee results from actual cost
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explain three stages of Contract law, Offer, Acceptance and Revocation and how they apply to the given situation. As a marketing strategy Winder Ltd placed an advertisement in the ‘Dailey News’ newspaper and on their website offering ‘Free unlimited E-Books for a year available to its first 30 new customers, stating they must apply on-line before the 5th November 2011. By taking up this offer the reader will be entering into a contract with Winder Ltd. A contract is a legal agreement and
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Sources of Pakistani Mercantile Law Mercantile law is a part of civil law. It governs and regulates the trade and commerce in the country. Mercantile law deals with the needs of a business man. This includes laws relating to insurance, partnerships, contracts, companies, negotiable instruments, arbitration, carriage of goods etc. A mercantile law in Pakistan is taken from the English law. So it follows the English laws to a considerable extent with some modifications and reservations to suite with the
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Issues Simulation Summary 1. What are the issues involved in resolving legal disputes in international transactions? The issues involved in resolving legal disputes in international transactions include but are not limited to the signing of contracts designed to protect both parties, choice of clause, which forum to use when settling a dispute and if arbitration, if used, will be binding or nonbinding. Something else to think about when resolving legal disputes in international transactions would
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Essentials of a Contract As a senior manager in the procurement section of the Ministry, I would advise the following: there was a contract i.e. an agreement; an offer and its acceptance, an agreement that had essential elements. The first was that there was a proper offer and acceptance which were officially and unconditionally communicated. Further there was an intention to create a legal relationship by the two parties after fulfillment of the tender requirements, to construct a modern administration
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