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Focus
Understanding Contract Language
By Lori Ponton
UVa Procurement Services Senior Buyer
Que mon contrat dit-il? ¿Qué dice mi contrato? Was sagt mein Vertrag? Simply translated, they ask: What does my contract say?
Contracts are sometimes confusing, especially if you don’t understand what they mean much less what you’re signing. A contract is a legal agreement and is one of the most important communication tools for both the Company and Supplier. Listed below are a few helpful tips on decoding contract language.
Amendments
What it says: “No amendment of this Agreement will be effective unless it is reduced to writing and executed by the Company and by the individual signing the Supplier's proposal or by other individuals named by either party.”
What it means: Changes or alterations to a contract made by correction, addition, or deletion must be in writing and signed by both parties.
Indemnification
What it says: “The Supplier will indemnify and hold harmless the Company, and their agents, employees and officials from any and all costs, damage or loss, claims, liability, damages, expenses (including, without limitation, attorneys' fees and expenses) caused by or arising out of the performance or non performance of the Agreement by the Supplier or its agents or subcontractors, including the provision of any services or products.”
What it means: The obligation of one party to assume the legal liabilities of another party; or assuming the potential liability for injury that may arise from a situation and thus relieving the other of liability.
Goods and Services
What it says: “During the term of this Agreement, the Supplier will provide for the Company the goods and services offered to the Company in its proposal and/or any addenda to its proposal which has been approved in writing by the Company.”
What it means: The contract should be as specific as possible regarding what work will be done, how the work will be done, when it will be done, what materials will be used and how much it will cost.
Term
What it says: “The term of this Agreement will be for two years effective upon execution of the Agreement, with the ability to renew on the same terms and conditions if agreeable to both parties, for three additional one-year periods.”
What it means: The contract should spell out exactly when it begins, when it ends and if there are any renewal options.
Sometimes you may be in too much of a hurry to read through several pages of a contract before signing something. Reading before you sign is the only way to make sure you’re not agreeing to something you don’t want to or can’t. This information can be helpful not only for your business contracts (i.e. printing brochures for a client), but personal contracts (i.e. home improvements) as well.
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Greetings,
Have you made your business resolutions for the New Year? We’re in the dead of winter, and networking (and holiday) events are at a temporary lull. This is a great time to take an in-depth look at your business. When was the last time you re-focused your business plan, organized your contacts, reviewed marketing or promotional materials and information, or brainstormed strategies to adapt to the growth of your business?
We hope that this issue of Diversions will help you renew and re-energize your business in 2007. In Focus a Senior Buyer from UVa Procurement Services explains what some common (but confusing) contract terms really mean for your business. Our Spotlight is on CAS Foods LLC, a specialty foods manufacturer located in Charlottesville. As usual, we’ve provided links to our upcoming procurement opportunities,
as well as Straight Talk and some great recipes in Branching Out. Enjoy, and have a happy and healthy year!
Regards,
Bill Cooper
Director of Supplier Diversity and "Editor in Chief"
The University of Virginia
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Supplier Diversity Wins MIC Awards
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The Minority Business Enterprise Input Committee (MBEIC), a group of talented entreprenuers working within the Virginia Minority Supplier Development Council (VMSDC), awarded the University of Virginia's Supplier Diversity Initiative on December 5, 2006.
The MIC Gold Star Awards celebrate "past accomplishments and encouragement for future efforts to support minority business development through proactive purchasing policies," and are awarded to private corporations and public entities. The University received the "Raising The Bar" award, given to the public agency that "demonstrates a high quality and commitment to supplier development and shows a significant improvement in their program from the previous year."
Additionally, Bill Cooper, Director of Supplier Diversity, received the "Advocate of the Year" Award. This award recognizes "an individual who has demonstrated a commitment to supplier development and has fostered relationships with the corporate community, and has used his/her success to develop other MBEs and their businesses."
"While we're very excited to have won these awards, we look forward to furthering the scope of our program, and to elevating it to world-class status," said Cooper.
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| Spotlight On: CAS Foods, LLC |
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Based in Charlottesville, Virginia, CAS Foods LLC
has
been producing high-quality bottled curry for a little
over two and a half years. We often see its owners,
Irene and Ron Castelino, at supplier diversity events
across the Commonwealth, and we are pleased to
share the story of their rapidly expanding business
with you.
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Continued... |
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What's Next: Upcoming Procurement Opportunities
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For more information on these opportunities, please click on the links above. Note: Due to the frequent issuance of addenda to these opportunities, we cannot link directly to the procurement, and instead link to their department's respective public postings page.
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| Straight Talk |
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We’re down to the last three days of January and
therefore late with delivering this issue of Diversions.
Shannon works hard to get things in order for a timely
launch. I am the procrastinator here. There are no
excuses other than the fact that I wanted to write
something that would make a difference to those who
read this article.
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Continued... |
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| Branching Out |
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Table Etiquette 101
My favorite job in life was that of Banquet Maitre D’ at
the Charlottesville Omni Hotel. Needless to say that
one of the Maitre D’s primary tasks was to insure that
the table settings were appropriate for the meal to be
served. These days, when I attend meal functions
inevitably someone is challenged as to what belongs
to them and what belongs to their neighbor.
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Continued... |
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Upcoming Supplier Diversity Events
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