aids both Government and contractor personnel to (1) achieve a clear and mutual understanding of all contract requirements, and (2) identify and resolve potential problems. However, it is not a substitute for the contractor’s fully understanding the work requirements at the time offers are submitted, nor is it to be used to alter the final agreement arrived at in any negotiations leading to contract award. 2. What must the contracting officer consider when deciding whether postaward orientation
Words: 506 - Pages: 3
pm Page 264 chapter 15 Contract accounts Learning objectives After you have studied this chapter, you should be able to: l describe the factors that are involved in accounting for contracts l describe how accounting records of contracts are maintained l explain the need to apply prudence when assessing profit or loss on a contract that is still in progress l describe some of the requirements of SSAP 9 relating to long-term contracts Introduction In this chapter
Words: 5226 - Pages: 21
agreement. The offeror is the one who makes the offer and the offeree is the person to whom the offer is made. To be a valid offer (I.e., to constitute an offer), a manifestation of intent to enter into a bargain must have the “3 Cs.” First, the contract must embody a promise, or commitment as opposed to a statement of present intention or preliminary negotiation. Statements such as “I intend to sell you my car” or “come talk to me about buying my car” are not offers. Saying “if you pay me 100 dollars
Words: 1533 - Pages: 7
Executive Summary Financial analyst, Kim Tomar is a Financial Analyst at De Havilland Inc, a Canadian aircraft manufacturing company. Her responsibility within procurement is to evaluate bids and make recommendations to De Havilland Source Selection Board (SSB). She must make a recommendation on a supplier for flap shrouds and equipment bay doors. Since Dollard Plastics has failed to remain competitive by addressing the high pricing by unwilling to lower their price, she has solicited a number
Words: 308 - Pages: 2
week paper is a summary of an agreement between CadMex an American corporation joining working relations with Gentura company which operates out of the country of Candore. As I worked through the different scenario situations I discovered one wrong decision could ultimately make CadMex lose millions of dollars. Choice-of-Law Clause Depending on the country you deal with it would be ideal to make a contract that follows under the United Nations Convention by agreeing under Contracts for the International
Words: 536 - Pages: 3
Executive Summary Various issues in the common law arise when agents make contracts on behalf of principals. Should a principal be bound when his agent makes a contract on his behalf that he would immediately wish to disavow? The tradeoffs resemble those in tort, so the least-cost avoider principle is useful for deciding which agreements are binding and can unify a number of different doctrines in agency law. In particular, an efficiency explanation can be found for the undisclosed-principal rule
Words: 7209 - Pages: 29
13 warehouses, LOI has no plan to make significant renovation or demolish the warehouse in the foreseeable future, and there isn’t enough information to measure its asset retirement obligation. Besides the 23 warehouses, LOI has legally binding contract to sell the other 2 warehouses in 6 months, there is a 90% probability that the third party buyer will not enforce LOI to handle or dispose asbestos. KEY CONSIDERATIONS INVOLVED IN THE ACCOUNTING QUESTIONS 1. For the 10 warehouses that LOI
Words: 1158 - Pages: 5
of this paper is to focus on the legal aspects of procurement management and how procurement management plays a significant role in the success and management of a project. The topics that will be covered include the following: basics of common contract laws, cases involving procurement management decision, Federal Acquisition Regulation (FAR) regarding procurement management, Uniform Commercial Code (UCC) regarding procurement management, Statement of work (SOW), and project manager duties regarding
Words: 2227 - Pages: 9
Executive summary In this case, there are two major problems that I can analyzed. Firstly, Kiki and Houida which are two of major loyal customers of Couture Fashions Bhd (HCF)’s were writing to Jeffrey to inform him that they may looking to China to “contract manufacture” for them as the prices there were very competitive. Second, the previous adverse perception of “Made in China” labels had slowly changed as China now manufactured clothes that are higher quality at substantially lower operating
Words: 1003 - Pages: 5
prior to their disposal? 3. Should LOI recognize an ARO of the two warehouses containing asbestos reside in states that do not have special handling and disposal of the asbestos laws, but with a legally binding contract to sell the warehouses in six months to a third party? SUMMARY CONCLUSION ON ACCOUNTING QUESTIONS 1. LOI should recognize ARO when the two warehouses conform to ASC 410-20-15 scopes. 2. LOI should recognize ARO for the 10 warehouses in states which have special asbestos handling
Words: 1066 - Pages: 5
