Article
Requirements contracts: What’s your obligation?
Public procurement professionals know the elements of an enforceable contract. One is mutual consideration - generally reciprocal promises to perform an act (not otherwise required) or to give up a legal right (as in settlement agreements). In a sales contract, the buyer promises to pay money. The seller promises to deliver goods and services.
Public procurement professionals know the elements of an enforceable contract. One is mutual consideration – generally reciprocal promises to perform an act (not otherwise required) or to give up a legal right (as in settlement agreements). In a sales contract, the buyer promises to pay money. The seller promises to deliver goods and services. Some “contracts” make it difficult to gauge the nature of the obligation. A minimum quantity contract can include minimum mandatory ordering...
