Warranties
In the acquisition of goods and services, especially at the level of Government acquisitions, warranties serve to protect and guarantee the quality of these acquisitions. In these cases, warranties protect providers from expensive lawsuits, while the purchaser is protected from gross defects in the acquisition itself and/or fraud by the goods or services provider. In some cases, a warrantee is not required. This makes an in-depth knowledge of documents such as the Federal Acquisition Requirement (FAR) beneficial for all parties involved.
According to Section 46.703 of the FAR document, for example, certain criteria are in place for determining the necessity and use of a warranty. The contracting officer, for example needs to consider the nature and use of the goods or services acquired, according to factors like complexity, development, state of the art, end use, difficulty in detecting defects, and potential harm to the government in case of defect and fraud.
A very high level for any of these factors would then merit invoking...
Acquisition Law on the Motorways According to the Uniform Commercial Code (UCC), the sales transaction of a $60,000 Corvette automobile is a valid agreement to contract based on the material term of the bargained for exchange, with definite terms of recovery where not fulfilled by both parties. Definition of the contract as 'formal' is assumed here, yet other negotiable instruments and letters of credit may be involved where the Buyer stipulates
The things most frequently linked with product liability are negligence, strict liability, breach of warranty, and various consumer protection claims. A warranty is breached when the guarantee is broken or when goods are not as anticipated, at the time the sale takes place, whether or not the defect is obvious. The seller is responsible to make things right by giving a refund or replacement. It is possible for a seller
Financial Acquisitions of Burberry Group PLCIntroductionIn finance, acquisition and mergers are transactions in which ownership of a particular business is transferred to another business entity and the operating units; in corporate finance, when a company purchases most shares of another business entity, usually more than 50 percent of the claims. Specific considerations have to take place for a company to acquire another company, which generally lies in its advantages. The
According to Liao (2006), "The companies have entered into significant, long-term agreements that give Lenovo customers preferred access to IBM's world-class customer service organization and global financing offerings. This will enable Lenovo to take advantage of IBM's powerful worldwide distribution and sales network. Lenovo's customers are able to count on the entire IBM team - including sales, services and financing - for access to IBM's legendary end-to-end it solutions"
Quality Assurance Section 46.703 of the FAR and criteria or invoking use of the warranty provision in the case of any defect, fraud, or gross mistakes in the goods or services provided Section 46.703 of the FAR offers an equitable ground where governments can engage in contracts with other governments and/or organizations. It is evident to know that the actions of the Section 46.703 of the FAR are rudimentary and obligatory to
Company audit occurs when there is need to examine the performance of a big company especially the financial and the accounting records over a given period of time. Professionals such as the certified public accountant always do the auditing. The audit of a company is significant in the verification of accuracy particularly in the accounting records. A company like coca cola will need an audit to help in verifying their
Our semester plans gives you unlimited, unrestricted access to our entire library of resources —writing tools, guides, example essays, tutorials, class notes, and more.
Get Started Now