TDM345 essay3

TDM345 essay3 - 1 . majeure,actofGodorsomethi

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1. The primary difference between “cancellation” and “termination” is if  one party needs to compensate the other party damages or not.  Terminating a contract means that both parties have no continuing  obligation to the other. Contracts are usually terminated when force  majeure, act of God or something prevents the party not to be able to  complete contract obligations. On the other hand, cancelling a contract  means one party breached or defaulted on completing the contract and  owes the other party damages. In this case, the party that breached or  defaulted a contract need to liquidate damages in order to be fair to the  other party. 2. There are five basic components that every supplier contract should  contain. It starts from a description of services. Defining what services  the supplier provides is important to answer the event’s unique needs.  More specific description will help meeting managers make a decision  which supplier is good for them. Pricing is also as important as a  description of services. Checking the detail costs of materials, labors,  and services will assist to meet the breakeven point between suppliers 
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This note was uploaded on 09/11/2011 for the course TDM 77303 taught by Professor Timothy during the Spring '09 term at ASU.

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TDM345 essay3 - 1 . majeure,actofGodorsomethi

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