Archive
commercial
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Letter of Intent
A letter of intent records the parties’ preliminary understanding of a planned transaction before the definitive contract is signed. It usually states…
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Force Majeure
A force majeure clause suspends or excuses a party’s performance when extraordinary events beyond its control, such as war, natural disaster or…
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Trial Order
A trial order is a first commercial shipment placed to verify that a supplier can meet specification, documentation and logistics requirements at…
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Quality Claims
Quality claims are formal notifications by a buyer that delivered goods deviate from the agreed specification, covering defects, contamination, temperature abuse or…
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Purchase Order
A purchase order is the buyer’s formal document requesting goods, stating product, quantity, price, delivery date and terms. Once accepted by the…
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Rejection Procedure
The rejection procedure sets out how a buyer may refuse a consignment that fails to meet specification or legal requirements, including inspection,…
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Order Confirmation
An order confirmation is the seller’s written acceptance of a purchase order, fixing the agreed quantity, price and delivery details. It closes…
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Claim Deadline
The claim deadline is the contractual period within which a buyer must notify defects after delivery, often differentiated between visible defects on…
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Price Review Clause
A price review clause allows contract prices to be adjusted at defined intervals or on defined triggers, such as raw material cost…
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Exclusivity Agreement
An exclusivity agreement grants one party exclusive rights, for example a buyer’s exclusive right to purchase a producer’s output of a product…