Importance of a price adjustment clause, Other Management

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QUESTION 1

(a) List five required elements of a valid contract.

(b) Give one circumstance when a contract can be modified.

(d) Describe two remedies available to a public body in case a supplier breaches an important provision of a contract.

(e) Distinguish between an express and implied term.

(f) Describe the reasons for seeking a performance security from a Supplier.

(g) Describe the role and function of a Project Manager.

(h) Describe two circumstances when a fixed price contract is appropriate.

(i) Illustrate the term ‘warranty' in relation to a procurement contract.

(j) Describe the role of a ‘Subcontractor' in the execution of a Works Contract.

QUESTION 2

Explain the importance of a price adjustment clause in a procurement contract.

QUESTION 3

The main obligation of the Public Body is to pay the Contractor promptly after the due date. Explain the consequences of late payment to the public body.

QUESTION 4

Explain four circumstances when a public body can terminate a contract.

QUESTION 5

Write short notes on the subsequent:

(a) Liquidated Damages

(b) Retention Money

(d) Force Majeure

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