Webinar Details $199
- Webinar Length: 100 Minutes
- Guest Speaker: Kenneth Jones
- Topic: Purchasing
- Credit: CPE 2.00, QPANJ 2.00, ATAPU 1.50
This program will cover common terms and conditions found in vendor contracts and those that should be found in customer-generated contracts.
Why Should You Attend:- Learn terms that may impact your contract and your employer.
- Get a head start on what to look out for in a common vendor agreement.
- Discover what terms to include to strengthen the position of your company or agency.
- Gain an understanding of what terms may be considered deal breakers vs. a business decision.
- Receive information on the importance of terms to prevent being held hostage by an underperforming vendor under contract.
- Vendor terms to avoid
- Terms for you to include
- Terms that are business decisions
- Terms that may be non-negotiable
- Reviewing a Vendor Contract
- Preamble
- Payment Terms
- Term Dates & Renewals
- Scope of Work
- Necessary Clauses
- Clauses to Avoid
- Sample Language
- Introduction
- The Preamble 00:01:51
- Documents as Attachments 00:06:09
- Scope of Work 00:12:02
- Payment Terms 00:15:04
- Payment Terms Cont. 00:17:28
- Term Dates and Renewals 00:24:00
- Term Dates and Renewals Cont’d 00:31:31
- Escalation Clause 00:33:28
- Termination Clauses 00:35:27
- Termination Clauses - Example 1 00:41:14
- Termination Clauses - Example 2 00:42:45
- Termination Clauses - For Convenience 00:45:11
- Jurisdiction 00:47:24
- Arbitration 00:48:57
- Insurance 00:50:19
- Bonding 00:53:16
- Indemnification 00:56:05
- Indemnification Cont’d 00:58:09
- Warranty 00:59:28
- Term Changes 01:04:23
- Shipping 01:05:46
- Acknowledging Facts That Should Be Settled In Court 01:07:30
- Prices 01:10:06
- Notifications 01:11:31
- Security Interest 01:12:30
- Your Terms and Conditions 01:13:20
- Final Agreement Between the Parties 01:1
- Independent Contractor Provision 01:14:53
- Waiver of Enforcement 01:15:52
- Recap 01:16:34
- Responsibility of the Contractor 01:17:44
- Responsibility of the Contractor Cont’d 01:20:28
- Responsibility of the Contractor Cont’d. 01:21:52
- Penalty Clauses 01:22:41
- Order of Precedence 01:25:06
- Contract Draft Legal Review 01:27:26
- Signatures Notarized 01:29:00
- Attachments/Exhibits 01:33:03
- Contract Amendments 01:31:27
- Contract Amendments Cont’d. 01:32:42
- Contract Administration 01:33:50
- Contract Administration Cont’d. 01:35:07
- Question & Answer Period / Thanks for Attending! 01:35:49
- Presentation Closing 01:39:19
-
Kenneth Jones
Ken Jones has been working in the public and non-profit procurement field for over 30 years. He worked for the New York State Office of Taxation and Finance as a Purchasing Assistant from 1985-87 and went on to work for the University at Albany, SUNY where he served as a Purchasing Agent and in 1999 [...]
CPE Credit
Aurora Training Advantage is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.
For more information regarding administrative policies such as complaint and refund, and cancellation please contact our offices at 407-542-4317 or training@auroratrainingadvantage.com.
You must answer all questions during the webinar, view the recording completely and pass the test at the end with 70% correct answers to receive CPE credit.
ISM Credit
This program may be used for Continuing Education Hours (CEH) toward recertification for programs offered by the Institute for Supply Management®, including the Certified Professional in Supply Management® and Certified Professional in Supplier Diversity®.
QPANJ Credit
Qualified Purchasing Agent - New Jersey
ATAPU Credit
Aurora Training Advantage is offering continuing education points designed to recognize dedication to training and excellence in purchasing.- Bid 00:06:19, 00:13:06, 00:24:24, 00:26:36, 00:32:15, 00:54:22, 01:22:00
- Commodity 00:29:27. 01:17:57
- Consumer Price Index (CPI) 00:28:18, 00:29:48
- Contract 00:00:06, 00:02:02, 00:03:01, 00:06:14, 00:09:11, 00:13:22, 00:17:35, 00:22:03, 00:30:01, 00:35:45, 00:41:33, 00:46:31, 00:48:48, 01:05:29, 01:13:30, 01:29:06
- Indemnification 00:56:05
- Independent Contractor 01:14:57
- Invoice 00:17:46, 00:22:04
- Preamble 00:02:12
- Prevailing Wage 00:27:55
- Procurement 00:00:21, 00:06:17, 01:18:01
- Producer Price Index (PPI) 00:28:15
- Purchase Order 01:04:30
- Request for Proposal (RFP) 00:06:23, 00:12:12, 00:24:26, 00:32:18, 01:22:00
- Scope of Work (SOW) 00:08:46, 00:12:20
- Supplier 00:00:08
- Vendor 00:02:05, 00:06:34, 00:10:30, 00:12:10, 00:13:18, 00:21:57, 00:32:04, 00:35:32, 00:46:34, 00:56:09, 01:06:05, 01:17:51, 01:30:08
Bid: A bid is an offer made by an investor, trader, or dealer in an effort to buy an asset or to compete for a contract.
Commodity: A basic good used in commerce that is interchangeable with other goods of the same type.
Consumer Price Index (CPI): A consumer price index is a statistical estimate of the level of prices of goods and services bought for consumption purposes by households. It is calculated as the weighted average price of a market basket of consumer goods and services. Changes in CPI track changes in prices over time.
Contract: A written or spoken agreement, especially one concerning employment, sales, or tenancy, that is intended to be enforceable by law.
Indemnification: Compensating a person for damages or losses they have incurred or will incur related to a specified accident, incident, or event.
Independent Contractor: An independent contractor is a person or entity contracted to perform work or provide services to another entity as a non-employee. As a result, independent contractors must pay their own Social Security and Medicare taxes. - Investopedia (https://www.investopedia.com/)
Invoice: An invoice, bill or tab is a commercial document issued by a seller to a buyer, relating to a sale transaction and indicating the products, quantities, and agreed prices for products or services the seller had provided the buyer. Payment terms are usually stated on the invoice.
Preamble: A preamble in a contract is an introductory paragraph or section that provides background information, outlines the purpose of the agreement, and identifies the parties involved. While not legally binding on its own, it offers valuable context for understanding the contract's intent and can aid in interpreting its provisions.
Prevailing Wage: In United States government contracting, a prevailing wage is defined as the hourly wage, usual benefits and overtime, paid to the majority of workers, laborers, and mechanics within a particular area. This is usually the union wage.
Procurement: Procurement is the process of finding and agreeing to terms, and acquiring goods, services, or works from an external source, often via a tendering or competitive bidding process. Procurement is used to ensure the buyer receives goods, services, or works at the best possible price when aspects such as quality, quantity, time, and location are compared.
Producer Price Index (PPI): The Producer Price Index (PPI) measures the average change in selling prices received by domestic producers for their output. It tracks price changes from raw materials to finished goods and services, giving a sense of potential inflation for consumers.
Purchase Order: A legal contract between a buyer and a vendor. It lists the materials or services to be purchased on specified terms and conditions (quantity, price / pricing conditions, delivery date).
Request for Proposal (RFP): A request for proposal (RFP) is a document that solicits proposal, often made through a bidding process, by an agency or company interested in procurement of a commodity, service, or valuable asset, to potential suppliers to submit business proposals.
Scope of Work (SOW): The Scope of Work (SOW) is the area in an agreement where the work to be performed is described. The SOW should contain any milestones, reports, deliverables, and end products that are expected to be provided by the performing party. The SOW should also contain a time line for all deliverables.
Supplier: A supplier is an entity that supplies goods and services to another organization. A supplier is usually a manufacturer or a distributor. A distributor buys goods from multiple manufacturers and sells them to its customers. Similar Terms. A supplier is also known as a vendor.
Vendor: A vendor is a person or business that supplies goods or services to a company. Another term for the vendor is the supplier. In many situations, a company presents the vendor with a purchase order stating the goods or services needed, the price, delivery date, and other terms.
