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A take-or-pay contract, or a take-or-pay clause within a contract, is a payment obligation agreed between a business customer and its supplier. With this kind of contract, the customer either takes the product from the supplier or pays the supplier a penalty. For any product the company takes, it agrees to pay the supplier a certain price, say ...
An automatic renewal clause is used in the insurance and healthcare industries . An automatic renewal clause (also referred to as an evergreen clause), is activated towards the end of the contractual period whereby it automatically renews the terms of an agreement except when the contract is terminated (through mutual agreement or contract breach), or one of the contracting parties has sent a ...
The term clawback or claw back refers to any money or benefits that have been given out, but are required to be returned (clawed back) due to special circumstances or events, such as the monies having been received as the result of a financial crime, or where there is a clawback provision in the executive compensation contract. [1] [2]
The policy of taxation in the Philippines is governed chiefly by the Constitution of the Philippines and three Republic Acts. Constitution: Article VI, Section 28 of the Constitution states that "the rule of taxation shall be uniform and equitable" and that " Congress shall evolve a progressive system of taxation ".
A return is costly for the vendor and inconvenient for the customer; any return that can be prevented benefits both parties. Returned merchandise requires management by the manufacturer after the return. The product has a second life cycle after the return. An important aspect of RMA management is learning from RMA trends to prevent further ...
The Chartered Institute of Procurement & Supply makes a distinction between a "framework contract" and a "framework agreement". Under a framework contract, some form of consideration is paid "up front" to secure the commitment of the supplier to the agreed terms and conditions. The value of the consideration may be for a nominal amount only.
Hundreds of Chinese sellers on Temu have protested against what they call unbearably high penalties imposed by the firm, one of the merchants involved in the protest told Reuters, a fresh sign of ...
Prompt payment is a commercial discipline which requires businesses to: agree fair and reasonable payment terms with their suppliers; ensure suppliers' invoices are approved and paid within agreed terms; encourage adoption of the same practices throughout their supply chain.