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40. It is important to ensure that an arbitrator’s opinion is not binding on both parties to the dispute.41. Arbitration clauses are seldom included in a contract’s boilerplate terms and conditions.42. Buyers cannot rely on an arbitration clause contained in their forms, particularly if the suppliers’ forms do not contain such a clause.This edition is intended for use outside of the U.S. only, with content that may be different from the U.S. Edition. This may not be resold, copied, or distributed without the prior consent of the publisher.
43. In many instances, the alternatives to court adjudication are slower than litigation.Multiple Choice1._____ involves spending more time in the initial contracting stages to fully understand stakeholder requirements, expectations, and repeated communication of expectations, in order to gain a full understanding of elements.2.The _____ section of a contract defines all of the important terms contained within the contract and is important so everyone understands exactly what each term means.3.The _____ section of a contract specifies method of manufacture and quality requirements and may include language specific to terms of quality.4.The _____ clause in a contract describes the course of events that occurs if there are unforeseen events such as earthquakes or hurricanes that prevent a supplier from fulfilling its obligations to the buyer.a.most favored customerb.liabilityc.specifications, quality, and health, safety, environmentd.scope of agreemente.force majeure (p. 503)This edition is intended for use outside of the U.S. only, with content that may be different from the U.S. Edition. This may not be resold, copied, or distributed without the prior consent of the publisher.
5.The _____ clause in a contract provides specific details on how the supplier’s performance will be measured and if any compensation will be awarded by the supplier to the buyer if these certain defined levels of performance are not maintained.a.key performance indicators and compensation (p. 504)b.liabilityc.noticesd.third-party rightse.assignment and contracting