Which contract term contains details of when a product or service should be delivered and ex-plained the potential loss of business?

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Which contract term contains details of when a product or service should be delivered and ex-plained the potential loss of business?

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Answer: Contract terms are the right and duties agreed between parties with which are then documented in contract. Terms can be either implied or expression.

Implied terms are always present in a contract and are set by national laws; like the sales of goods act, whereas express terms are negotiated and created, for example; time is of the essence. When the procurement professional is setting key performance indicators, where which the supplier’s performance will be monitored and managed, the KPI is expected to be SMART. The SMART is an acronym that is used to set KPI and specification.

It means:

Specific

Measurable

Achievable

Relevant

Time bound

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