Monday, November 23, 2015

Contract management is not a subset of Procurement

Tim Cummins a leading expert on Contract management and founder of the IACCM makes a solid case in his recent blog that Contract Management is not a sub set of Procurement.

Personally, having worked and been in the leadership roles in various disciplines/functions of major corporations over a 35 years period,  I  agree with Tim's observation. I would go one step further. In any business revenue/value is generated or benefits accrue when goods or services are are transferred from one party to the other, typically between a seller and a buyer. Without this function business does not earn value. I have come to think this terms of a paradigm shift. Operations, Engineering, procurement, sales and other such functions are enablers to cause the "contract to happen and successfully execute it.  

Think about.


Check out Tim's blog at:

Thursday, December 19, 2013

Law of contract in Ancient India....around 310 B.C

Did you know that Ancient India's law of contract precedes that of any known contract Laws after the  Common Era (Before Christ) and also it was robust and is a forerunner to the law of contracts in many ways?

take an example...a contract is formed between two  or more in a community or group shall be valid provided the contract is concluded in a suitable place ( location), time, observing due formalities ( consideration), in presence of witness provided the detail so of the object of the contract , such as the appearance, distinguishing marks, quality and quantity are properly noted down. The modern contract law is not much different.