What do we call a contract term which is part of the contract, but which is not written into the con-tract documents?
In English law, implied terms exist, even if you can't see them in the contract documents. They commonly derive from statute. An example is the Sale of Goods Act.
A common term for the win-lose style of negotiations is:
Distributive: at the other end of the spectrum from 'collaborative'.
Intangibility means:
Inability to touch something.
Services are intangible, which may present challenges when specifying / buying.
What is the term for a situation where a seller sets a high introductory price for a new product, to attract buyers who have a strong desire to get the product early, and who can afford it? The price then gets gradually reduced over time.
'Market skimming' is the correct answer.
An obvious example of this type of pricing behaviour is in the field of technology, where 'early adopters' will pay significantly more for a product, even although they know the price will drop subsequently. For commercially-used products, sometimes there is an urgent need for an organisa-tion to acquire - a topical example as I write (early 2022) is some new surveillance technology which is in the news and which some governments are desperate to have. In consumer markets, everyone's 'go-to' example is the next generation smartphone, especially Apple products.
Promotional pricing is a short-term price reduction (or 'two-4-one' type offer) to generate sales in the short-term, for example to clear stock, or because of a manufacturer financial support arrangement.
Price discrimination is where the seller sets different prices for different market segments. An ex-ample would be charging different rail fares in UK or mainland Europe based on customer age.
Contribution pricing is based on the notion that sales should cover costs, contributing to the busi-ness, without necessarily making a profit. For example, a large order may be accepted which will keep the workforce employed (retaining their skills as well as having a considerate / ethical outlook) to see the firm through a rough period.
After a framework arrangement is in place, a further XXXX competition can be held. Which word replaces XXXX?
A mini-competition may be held to select a supplier, depending on the wording in the framework arrangement documentation and circumstances at the time.
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