Gap Analysis : Gap Filing Mechanism

There are factors to avoid when planning a budget that may involve equipment requests. A key factor to avoid is the purchase of equipment that will not be utilized to it’s full potential. The use of the costs and quantitative justification should help to highlight times that an equipment request is not cost effective. Often it occurs that a type of equipment bought is either easily lost or not used. This can then lead to the following scenario; equipment is lost, so replacement equipment is purchased which then

Thirdly, option is to strategically adjust the prices of their products because consumers are often very price sensitive. By doing so the company can either create more value that defines the quality and quantity of the product.

* Terms relating to the amount of damages that the parties might receive if things go wrong.

Insurances The contract allows either the contractor or the owner to insure. Provision is also made for one party to take out and maintain the insurance where the nominated party fails to do so or fails to provide acceptable evidence that the insurance in is place

This based on customer pricing method. It relies on consumer 's emotive responses, subjective views and feeling towards specific purchases.

Pricing is a pertinent issue in procurement and acquisition in organizations. Consumers buying the commodities of an entity should get clarity on pricing related issues. There is uncertainty in Pro

Contracts are an integral part of our everyday life and play as important role in our personal and business lives. In order to deal effectively with promises provided in the business world, a legal framework is needed. Basically, a contract is a promise or set of promises, for which the law provides a remedy if a party breaches or failing to perform. In order to form a contract, four basic elements are needed: an agreement, bargained-for consideration, legal capacity to enter into the contract and a legal purpose consistent with law and public policy. The case Michelle M. Nichols v Century West, LLC et al. below described how the contract is important in business and the promises enforceable in court.

The market price of a good is determined by both the supply and demand for it. In the world today supply and demand is perhaps one of the most fundamental principles that exists for economics and the backbone of a market economy. Supply is represented by how much the market can offer. The quantity supplied refers to the amount of a certain good that producers are willing to supply for a certain demand price. What determines this interconnection is how much of a good or service is supplied to the market or otherwise known as the supply relationship or supply schedule which is graphically represented by the supply curve. In demand the schedule is depicted graphically as the demand curve which represents the

Some firms in service industries like repair shops and printing shops prefer to use the time and material pricing to decide the price of products. Under this approach, they need to pay attention to the time and material two parts and determine two pricing rates. The rate is decided by the interaction of demand and supply and by competitive industry environment (Seal, W. and

For example, when it comes to cost of inputs, such as fuel, the price taken may be different due to hedging (contract to mitigate their exposure to future fuel prices that may be higher than current prices )- a risk management technique to reduce the risk of adverse price

Today’s highly competitive business world forces companies to create different tactics and relatively rely on multiple pricing strategies to conduct business.

This is where you are able to determine the price with your suppliers. This can happen if there are a large amount of suppliers and you are buying in bulk. This may force suppliers into a price war.

Section 12(2) of the act defines a condition as “a stipulation essential to the main purpose of the contract, the breach of which gives rise to a right to treat the contract as repudiated.” Conditions is called an ‘express condition’ when a condition is expressed clearly in writing. A condition is a stipulation essential to the main purpose of the contract. It is very vital to the

When it comes to standard forms of contract this is basically a standard type of contract that has been drawn up to be used

The process in which organizations determine what they will obtain in exchange for their products is called pricing. Some significant factors for pricing include Market conditions, competition, market place, cost of production and product quality.