Documentary Collection as payment terms

“Documentary Collection” (often simply referred to as “document collection”) is a common method used in international trade where the bank acts as an intermediary without providing any guarantee of payment, which differentiates...

Understanding Non-Conformity Reports (NCR) in Procurement

A Non-Conformity Report, often abbreviated as NCR, is a document used in procurement and quality management to report any deviation from the agreed specifications, standards, or requirements in the products or services...

Why Buyers Typically Avoid Ex Works

Why Buyers Typically Avoid Ex Works and a Preferred Alternative In the intricate dance of international trade, the choice of delivery terms can significantly impact both the cost and risk borne by...

Delivery terms not found in Incoterms

In the world of global trade, clarity in shipping and delivery terms is of paramount importance. While Incoterms are the gold standard for this purpose, businesses often come across other terms in...

I failed at contracting. Tips from Stephan Morel

As Procurement Pros, we tend to dislike the contracting phase, often pointing fingers at the Legal team for their perceived slowness and rigidity. In my career, I’ve had to define, negotiate, and...

I failed at e-auctions. Now I know better!

I failed at e-auctions. My first e-auction was in 1997. Not the best experience I had; at that time, connectivity was a real issue. Since then, I have done, pushed, seen dozens of...

Understanding the “Entire Agreement” Clause in Procurement Contracts

The “Entire Agreement” clause, also known as a “merger” or “integration” clause, is a standard provision found in most contracts, including procurement contracts. Its primary purpose is to ensure that the written...

Senior buyer considering how to use Game Theory in Procurement

Game Theory in Procurement – relevant for a buyer.

Welcome to the fascinating world of procurement, a domain where strategy, negotiation, and decision-making converge. As a procurement executive, I find the application of game theory in procurement particularly enthralling. It’s like...

a buyer handing over a supplier contract termination

Supplier contract termination – key learnings

Supplier contract termination is a critical process that requires a structured approach to mitigate legal risks and uphold professional relationships. A supplier contract might be terminated for various reasons, including but not...

Assessing financial health of a new supplier

As a professional buyer, assessing financial health of a new supplier is crucial to ensure stable and reliable supply chains. This evaluation typically involves analyzing the Balance Sheet (B/S) and Profit and...

Category: Tactical procurement