Legal Basics of Contracting for Supply Managers

Program Description:

Every purchase order awarded to suppliers creates a legal obligation on the buying organization. Properly understanding the legal basis for making sound business decisions without becoming overly technical with “legalese” is an important part of the supply management function. This course focuses on the contract terms and conditions that become part of the purchase order. It provides an understanding of the rights and obligations when contracting under UCC Section 2 as well as other various laws that impact supply management. The intent of this seminar is to provide a legal framework in a business sense that facilitates commerce, while protecting the purchaser’s position and minimizing risk in contracting. The faculty instructor for this program is a Certified Purchasing Manager and a globally renowned thought leader in supply chain management–and is The Negotiation Institute industry expert in e-Purchasing, logistics, supply chain sourcing strategies, and supply management negotiations. He has had engagements with large corporations such as AT&T, Corning Inc., Dunn & Bradstreet, Ericcson, Fisher Scientific, Motorola, General Electric, Pitney Bowes Inc., Siemens, MARS, SAFT America, EMC, and Kimberley Clark in the United States, Europe, Australia and Saudi Arabia. He is also a Professor of Purchasing & Supply Chain Management, where his primary academic and consulting interests are in the areas of supply chain risk, global sourcing, relationship/talent management and utilizing social media in supply management. After earning a bachelor’s degree in industrial engineering from Purdue University, this instructor began a successful career with Westinghouse, purchasing commodities such as steel, copper and insulation for large power transformers in excess of $36 million.

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  • Key Takeaways:
    • Gain a broad understanding of the Uniform Commercial Code (UCC) Section 2
    • Become familiar with the elements of a contract
    • Understand your terms and conditions and how they are supported in the UCC
    • Become familiar with the contract formation process, breach, and remedies
    • Gain an understanding of how to extract the most from warranties
    • Understand the buyer’s role as an agent of the firm and the rights and responsibilities that come with this designation
    • Develop an awareness for the role of electronic transactions in contracts.