Contract Offsets

In: Other Topics

Submitted By JanetPickes
Words 2550
Pages 11
Janet Pickens
Instructor
MGMT 5212
September 5, 2015

Introduction In this day, they are conventional in the military export milieu. Foreign government purchasers characteristically anticipate these to be an element of a defense sales contract. They participate in an essential function in swaying the purchaser’s election of a defense system. Foreign government frequently rely on these arrangements and its potential of producing business for domestic industries, to suppress the undesirable political implications that are supplementary with government expenditure abroad. The adversaries of these are characteristically originated in the United States due to the destructive impact on employment, technological attractiveness and the industrial base as crucial motive for eliminating these agreements. This paper opens up the substance of offsets from the viewpoint of international military purchasing and emphases on the rudimentary thoughts of an offset agreement.

What Is A Contract Offset? An agreement between a contractor and the government where the contractor agrees to buy products or perform services from the government and their country which will aid in the contractor winning the contract award and offset the government’s outlay. Offsets have become an integral part of international defense contracts and provide countries to even up the balance through trade. The U.S. Defense exports the majority of the world’s weapons; therefore, offsets are crucial.
Offsets provide additional advantages for the purchasing country with weapons while providing the defense contractors powerful marketing tools to motivate purchasing. Due to the personal or political benefits, offsets are more appealing then the primary defense acquisition. If one adds the dominant political characteristic of payments of enormous public money on present weapons, then the encouraging…...

Similar Documents

Contracts

...Contracts University of Phoenix Law 531 Instructor: Professor Shanrika Hall Contracts There are many types of contracts used everyday. When two different companies go into business together, it is very wise to create a contract. A contract is “an agreement that is enforceable by a court of law or equity” (Cheesemen, 2010, p 153). Span Systems, a large prestigious banking software company, and Citizen Schwarz AG (C S), a German bank, agree on a contract for Span to develop and deliver a Java-Based transaction processing software product. When quality drops and schedules are not met, the feud begins. For every difference within a contract, there are two sides to the conflict. These sides are referred to as “the offeror is the party who makes an offer to enter into a contract” (Cheesemen, 2010, p 153). The other party is “the offeree is the party to whom the offer is made” (Cheesemen, 2010, p 153). Avoiding Risks The first obstacle that Span had to address was the faulty product. C S threatened to transfer all unfinished codes and the rescission of the contract. Rescission is “an action to undo a contract” (Cheesemen, 2010, p 254). Management at Span could have avoided this risk by insuring the appropriate amounts of employee’s were hired prior to beginning the development. They would also have to research their skill and knowledge about the system to ensure proper production. To avoid these discussions in the future,......

Words: 791 - Pages: 4

Contracts

...Contracts Chris C. Zimmer Grantham University Abstract: This paper discusses the four elements of a valid contract and identifies and defines each element thoroughly. Contracts A contract is a binding agreement between two are more parties that involves a promise or several promises that are enforceable in courts. There are four elements are required to exist for the formation of a contract. They are that the agreement that is a manifestation of the parties’ mutual assent, a bargained-for consideration or validation device must exist, the parties must be legally competent, and the legal purpose must be consistent with the law. Contracts may be written or oral agreements. In order for an agreement to exist, there must be a proposal and an acceptance amongst the parties involved. This initial step of a contract requires that one party signifies to another a willingness to do or in some cases abstain from doing something, this is considered an offer. When the party to whom the offer is made assents or agrees to the proposal, it is considered as acceptance. There are several types of agreements or contracts that are discussed in our text. The first of which is the bilateral contract. A bilateral contract is an agreement that contains mutual promises, wherein each party is a promisor and a promisee. This type of contract is commonly used in the purchase and sale of a vehicle. A unilateral contract is one in which a promise is exchanged for an act of a......

Words: 844 - Pages: 4

Contracts

...Different kinds of Legal Contracts Teneisha Bonner BUSN150-1303A-03/Professor Smith August 11th, 2013 Abstract One of the main attributes of an advanced community is the legal obligation contract, which permits individuals to make promises with one another knowing that they have legal options in the circumstance of a violation of the deal. Contract regulation in the United States is based on common law and it sometimes varies by other states and even with federal circuits. In this paper, different legal contracts will be discussed. Different Kinds of Legal Contracts A contract can be either an express agreement or an implied agreement. An express contract is one in which the words are being pronounced verbally, either orally or in writing. An implied contract is one in which some of the words are not being pronounced in terms. An implied contract can either be understood in fact or understood in regulations. An agreement which is mentioned in fact is one in which the situations imply that both individuals have made a deal even though they both have not done so expressly. For instance, when an individual goes to the doctor for his/her yearly physical, he/she always comply that they will pay an affordable price for the labor. If he/she does not want to pay for the service after the physical, then he/she has broken the contract that has been implied in fact. When an express contract is being implied, both parties have to decide whether if the terms are being...

Words: 705 - Pages: 3

Contracts

...explaining the essential elements of a contract and the applicable remedies in the event of a breach What is required for a valid offer? How can one accept an offer? What is the concept of consideration and what form(s) can consideration take in creating a contract? What factors must be considered in assessing the legal sufficiency of an offer, acceptance, and consideration in determining whether a contract is enforceable? In the event that a contract is formed and subsequently broken, what remedies are available to the non-breaching party under your state's law? explaining the essential elements of a contract and the applicable remedies in the event of a breach What are the 4 requirements of a valid contract? 1. Agreement 2. Consideration 3. Contractual Capacity 4. Legality What are the 3 elements that are necessary for an offer to be effective? 1. The offeror must have a serious intention to become bound by the offer 2. The terms of the offer must be reasonably certain or definite, so that the parties and the court can ascertain the terms of the contract 3. The offer must be communicated to the offeree What is an offer? a promise or commitment to do or refrain from doing some specified action in the future. What are the 3 exceptions to the consideration requirement? 1. Promises that induce detrimental reliance, under the doctrine of promissory estoppel 2. Promises to pay debts that are barred by a statute of limitations 3. Promises to make......

Words: 1505 - Pages: 7

Contracts

...following through with their agreement? Is the contract irrelevant because it was not reduced to UCC Statute of Frauds? According to Section 2 of the UCC Statute of Frauds, Except as otherwise provided in this section a contract for the sale of goods for the price of $500 or more is not enforceable by way of action or defense unless there is some writing sufficient to indicate that a contract for sale has been made between the parties and signed by the party against whom enforcement is sought or by his authorized agent or broker. A writing is not insufficient because it omits or incorrectly states a term agreed upon but the contract is not enforceable under this paragraph beyond the quantity of goods shown in such writing. In reference to the above paragraph, a contract for the purchase of 100 watches was drafted by Randy Rolek and sent to Wally of “Windy City Watches,” In which Wally signed making the contract complete. Wally states that he should not be held accountable, but UCC Statute of Frauds states specifically, “$500 or more is not enforceable by way of action or defense unless there is some writing sufficient to indicate that a contract for sale has been made between the parties and signed by the party against whom enforcement is sought or by his authorized agent or broker.” Considering that the contract signed was for the purchase of 100 watches at $25 per watch, this puts the total due at $2500, making the contract valid. In conclusion, it is evident......

Words: 370 - Pages: 2

Contract

...Basic Elements of Contract In order to form a valid contract, each agreement must fulfill some important elements which are stated in Section 10 (1) of Contract Act 1950, “All agreements are contract if they are made by the free consent of parties competent to contract, for a lawful object, and are not hereby expressly declared to be void.” This section emphasizes the legal contract, the willingness and the parties capable of contracting and consideration which are all part of the basic elements of a contract. The following are the basics elements of the contract, a) Offer b) Acceptance c) Consideration d) Ability to Contract e) Intention to Create Legal Relations f) Certainty g) Free and Genuine Consent 1.2 Types of Contract All types of contracts can be divided into two, which is in the form of bilateral and unilateral contracts. a) Bilateral contract It will happen when made ​​between two or more parties where the parties have been identified and can be determined. b) Unilateral contract This contract may be made by one party to the public in any of the other unidentified. For example, such as advertisements in the newspapers addressed to the public. 1.3 Forms of Contract Contract may be made orally or in writing. Contracts made ​​orally are contracts that are made through our words or actions of the parties involved. This type of contract is difficult to prove in the event of a default or breach of contract. However, this......

Words: 9665 - Pages: 39

Contracts

...Practice Susan Towers 421 April 21st 2014 Roseali Drawbaough Theory to Practice When entering into a contract, it is important to note the elements of what makes a contract a legal binding agreement between two parties. The Theory to practice case is between Mr. Chou and BBT. Mr. Chou agreed soul distributorship on a 90-day contract agreement in return that BBT paid a sum for Mr. Chou’s product. Agreement, mutual assent, consideration, and capacity legality made up the two parties entrance into the contract. As in the case of BBT and Mr. Chou all contracts have differences to how they are perceived, what makes them legal in oral and written form that can either be remedied or voided by various laws and regulations. Questions 1-6 1. At what point, if ever, did the parties have a contract? The parties had an agreement when all the elemental requirements were formed in the original agreement between price, distribution, payment and terms were agreed upon. Approvals of the terms are supported by Consideration, capacity, and performance. 2. What facts may weigh in favor of or against Chou in terms of the parties’ objective intent to contract? The facts would weigh in favor of Chou because of the language and actions of intent to contract were reasonably certain. The offeror and offerre both had serious intentions to be legally bound by the terms of the contract. 3. Does the fact that the parties were communicating by e-mail have any impact on your......

Words: 898 - Pages: 4

Contracts

...By MMArias Contract Wording When parties decide to enter a contract, the parties should meet and agree on the context of the contract. The context of the contract should be worded precisely with the expectation, payment, consequences if contract breached, communication to be held by parties, delivery time, and expectations of the product. When Citizen Schwarz AG and Span Systems decided to do business together, the contract created by both parties contained ambiguous wording that could be interpreted by the courts in either way. Because wording is important in any contract, the contract should be reviewed by a lawyer of each party to avoid problems with word ambiguity. Substantial Performance “Substantial performance occurs when there has been a minor breach of contract” (Cheeseman, 2010, p. 247). One of the parties deviates from the performance expected from the contract. The party is informed of the deviated performance to attempt to correct the issue or further action could be taken. Citizen Schwarz AG could be sued by Span Systems because the company deviated from expectation of regular scheduled status meetings with project management. The change in the project management structure by Citizen Schwarz AG delayed the quality delivery of products by Span Systems because regular scheduled meeting with the same personnel was not possible. Reviews that should have been occurring periodically to evaluate the product did not happen leading to problems with the......

Words: 348 - Pages: 2

Carbon Offsets and Reductions

...Tom Hall Carbon Offsets and Reductions Carbon offsets are actions the University can take to counteract unavoidable carbon emissions and to counteract other emissions generated off campus. Carbon reductions are actions to lower carbon emissions generated on campus. In addition to all of the individual student proposals that all offset or reduce CO2 emissions in their own unique way, there are a number of projects being proposed to the campus as well as a number of projects already in place on University grounds that offset or reduce CO2 emissions that the university is responsible for generating directly or indirectly. There is a fine line between offsets and reductions and it is important to understand the difference. In order to discuss offsets, it is important to understand why people make CO2 offsets. There are a number of various carbon emissions that are unavoidable at this point in time due to societal structure like dependence on fossil fuels for transportation and some of the University’s utility use. Until major societal change occurs, like the removal of our dependence on fossil fuel and a total jump to renewable energy for our utility and transportation needs. Students, faculty and staff that commute to campus emit unavoidable CO2 emissions on a daily. Total wind purchase from the utility company does not offset the effects of natural gas use for heating (water and living space) and cooking preparation needs. To counteract these emissions the campus can......

Words: 854 - Pages: 4

Contracts

...Phillippa Webb 11/20/15 A contract is a legally binding agreement between competent parties and can be written, spoken or implied. A contract is valid and enforceable when the following things exist, an offer, the acceptance of the offer, it must be legal, consideration and it must be fair for all involved. Contracts can be written, verbally or even implied, however the best type of contract is written. Ever heard the saying get it in writing, that is because when things are in writing they are more believable than hearsay or assumption. Although written contracts are good, an implied contract is also good because a person’s actions can determine the validity of the contract. When parties enter into a contract they are obligated to perform certain duties The parties to a contract must either perform, or offer to perform, their respective promises, unless such performance is dispensed with or excused under the provisions of this Act, or of any other law.Promises bind the representatives of the promisor in case of the death of such promisors before performance, unless a contrary intention appears from the contract. | The  promises made by the parties define the rights and obligations of the parties. The contract allows parties to define their relationship, it is the means of structuring  relationships . The fudamental principe of the binding nature of contracts (pacta sunt servanda) requires that the agreement be made at arm's length.  Contract law is sometimes......

Words: 327 - Pages: 2

Carbon Offset

...Another major concern of Carbon offset is that, it is sound in theory, but not yet in practice. First, as what did by Catholic Church in the early 16th century, carbon offset is considered as indulgences in the first place, which purchase forgiveness of past emission but not substitute for no emission. Offsets allow a company or an individual, rather than reducing their own emissions, to pay for others to do the same. It is a zero-sum game. If all goes well, 1 tone is emitted by the purchaser for every tone reduced by the seller of a carbon offset, and the atmosphere does not know the difference. For example, some companies plant trees which remove carbon from atmosphere as they grow, but this approach doesn’t change essentially, since the carbon will released again when they cut down trees. Second, we cannot deny that carbon offset will somewhat allow business to reduce their emissions. While companies declare themselves carbon neutral is somewhat designed to get image-polishing. And its offsetting is done on a voluntary basis, there is no exact regulation. And people cannot be well-informed to figure out that how many offsets are real and how many are anyway credits. To take it in case, Haier Company is now using “modularization” to try to low carbon. Although this approach can reduce cost and optimize flow to some extent, it still faces many uncertainties to full operation of “low carbon industry chain”. Producing by demand can liquidate inventory, but it......

Words: 262 - Pages: 2

Contract

... Republic of the Philippines PROVINCE OF BUKIDNON Capitol Compound, Malaybalay City General Conditions of the Contract PEEDMO-BPH & PEEDMO-PHS (Val) 1. Definitions 1.1 In this Contract, the following terms shall be interrupted indicated: a) “The Contract “ means the agreement entered into between the PROCURING ENTITY and the Supplier, as recorded in the Contract Form signed by the parties, including all attachments and appendices thereto and all documents incorporated by reference therein. b) “The Contract Price” means the price payable to the Supplier under the Contract for the full and proper performance of its contractual obligations. c) “The GOODS” means all of the supplies, equipment, machinery, spare parts, other materials and or ground support services which the Supplier is required to supply to the PROCURING ENTITY under the Contract. d) “The Services” means those services ancillary to the supply of the GOODS, such as transportation and insurance, and any other incidental services, such as installation, commissioning, provision of technical assistance, training, and other such obligations of the Supplier covered under the Contract. e) “GCC” means the General Conditions of Contract. f) “SCC” means the Special Conditions of Contract. g) “The PROCURING ENTITY” means the organization purchasing the GOODS, as named in the SCC. h) “The PROCURING ENTITY’S country” is the Philippines....

Words: 5216 - Pages: 21

Contracts

...After a review of the Offer and Acceptance video I opted to go with Option 3, creating a contract that clearly states in writing the implied terms of the contract verbally communicated in the contracts. A contract is not a replacement for trust; it is the basis for trust. “Contract administration starts with developing clear, concise performance based statements of work to the extent possible, and preparing a contract administration plan that cost effectively measures the contractor’s performance and provides documentation to pay accordingly.” (www.acquisition.gov/bestpractices, Jan. 09, 2012) “For a contract to be enforceable, the following four (4) basic requirements must be met: 1) Agreement- an agreement between the parties, that requires a offer; 2) Acceptance of the offer; 3) Consideration, the promise must be supported by a bargained-for consideration that is legally sufficient. Money, personal property, real property, provisions of services, and such qualify as consideration. 4) Contractual capacity, [t]he parties must have contractual capacity for the contract to be enforceable against them. Contracts cannot be enforced against parties who lacked contractual capacity when they entered into a contract. 5) Law object, [t]he object of the contract must be lawful. Most contracts have a lawful object. However, contracts that have an illegal object are void and will not be enforced.” (Business Law: Legal Environment, Online Commerce,......

Words: 795 - Pages: 4

Contracts

...__________________State:________Zip:_______ Hereinafter referred to as Client. A usable copy of this contract follows this explanation. All the first part, above, is doing is stating that this contract is between (fill in your name) and the client. (Fill in his personal name, company name, address). The client may want to have his attorney see this contract. 1. Purpose of Agreement: Circumstances have lead Client to believe that he, or other parties, are being targeted by criminal forces of some kind and he hereby agrees to contract with Bodyguard to provide personal protection services for himself and/or other parties for the length of time specified in this agreement. NOTE: Purpose of agreement. This is a statement stating that your client needs your assistance, and you are negotiating this agreement. 2. Duration: This contract shall be for a period of____________________________ from the below date. Contract must be signed by both parties and will remain in force unless terminated under conditions listed in Paragraph 3. If this contract should be terminated, for any reason, before the expiration date payment client agrees to pay bodyguard a fee calculated at a per day minimum of $400 daily, NOTE: Duration, #2, how long will this contract last, and the next paragraph (#3) stipulates how it can be cancelled 3. Termination: This contract may be terminated under the following conditions: (a) Agreement may be terminated by Client at any time;......

Words: 1529 - Pages: 7

Contract

...STANDARD FREEDOM COUNTY CONTRACT 3/97 ©Copyright 1997 Freedom County Bar Association, Inc. All Rights Reserved. (Any change in the text without authorization shall constitute copyright infringement under the Copyright Act of the United States.) THIS CONTRACT FORM HAS BEEN APPROVED BY THE FREEDOM COUNTY BAR ASSOCIATION AND THE FREEDOM COUNTY BOARD OF REALTORS. ATTORNEY APPROVAL: This Contract is contingent upon PURCHASER and SELLER obtaining approval of this Contract by their respective attorneys as to all matters contained herein. This contingency shall be deemed waived unless PURCHASER'S or SELLER'S attorney on behalf of their client notifies the other party or that party's attorney in writing by facsimile or certified mail of their disapproval of this Contract, no later than five (5) business days after this Contract has been signed by both SELLER and PURCHASER. If PURCHASER'S or SELLER'S attorney provides such notification, then this Contract shall be deemed cancelled, null and void, and all deposits or Downpayment shall be returned in full to PURCHASER. In the event the premises herein consist of a condominium unit or is part of a homeowners association/PUD the review period provided for herein shall be eight (8) business days. I T I S ESSENTI AL THAT Y OU CONSULT Y OUR ATTORNEY WI THI N THE REV I EW PERI OD. Contract of Sale WARNING: NO REPRESENTATION IS MADE THAT THIS FORM OF CONTRACT FOR THE SALE AND PURCHASE OF REAL ESTATE COMPLIES......

Words: 5691 - Pages: 23