Develop Phase: Selling Goods and Services - Contracts for the sale of both goods (products) and service
3 important questions on Develop Phase: Selling Goods and Services - Contracts for the sale of both goods (products) and service
What type of indirect damages categories are
distinguished
- Consequential damages (to the contract as differences of interpretation)
- Incidental damages (caring for goods after the contract has been breached)
- Refer damages (compensate for extra costs incurred by the nonreaching party such as extra costs for repairs, loss of irreplaceable)
What is ment by liquidated damage amount?
Negotiated by the parties, is identified separately in the contract. Legally liquidated damages meant to be a genuine pre-estimate of likely loss and not a vision to penalize a supplier. In practice they are generally negotiated within standard company guidelines and considered as a penalty provision by the customer and a limitation of liability provision by the supplier.
Questions Contracts for the sale of both goods and services
- Are the functional and technical requirements for both products and services clearly stated?
- Is the timeline for performance and/or delivery clear?
- Are charges calculated and what are the payment terms?
- Is there a distinction between products and services?
- Is liability clearly addressed and limited?
- Is any intellectual property being created? What is the warranty for the products and services?
- How do I walk away if I need to?
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