Drafting Standard Forms for the Purchase of Goods From Suppliers: RFQs, Quotes, Purchase Orders, Long-Term Agreements

Minimizing Disputes Between Buyers and Suppliers With Carefully Drafted Terms and Conditions of Purchase

Recording of a 90-minute CLE webinar with Q&A


Conducted on Tuesday, June 20, 2017
Recorded event now available


This CLE webinar will discuss best practices for drafting the standard forms that govern the purchase of goods from suppliers. The panel will explain key language that should be included in requests for quotations (RFQs), seller’s quotes, purchase orders and long-term supply agreements to minimize disagreements between buyers and suppliers down the road, including “battle of the forms” disputes.

Description

Buying goods from suppliers is a key function of all businesses. The standard forms used during the procurement process are legal contracts which, if not approached thoughtfully, can lead to future disputes between the parties over the terms of the agreement, including “battle of the forms” disputes.

Standard purchasing forms include:

(1) RFQs, which outline the general terms and conditions of the project, pricing, pre-qualification requirements and award criteria,

(2) The seller’s quote or invoice,

(3) Purchase orders, which describe the type of item, quantity and agreed upon price, and

(4) Long-term supply agreements, which enable the buyer to purchase multiple consignments of goods on a long-term basis.

The language buyers and suppliers include in RFQs, quotes, purchase orders or long-term supply agreements to define each party’s legal obligations and remedies can be a determining factor in a future contract dispute between a buyer and supplier. Therefore, each document should clearly address such issues as the quality of the goods, delivery, risk and ownership, termination, and force majeure, and should be signed by both parties.

Listen as our authoritative panel provides legal and practical tips for drafting the standard forms that are used in the purchasing process, including RFQs, seller’s quotes, purchase orders and long-term supply agreements.

Outline

  1. Key language to include in RFQs
  2. Key language to include in seller's quotes
  3. Key language to include in purchase orders
  4. Key language to include in long-term supply agreements
  5. Resolving “battle of the forms” and other disputes

Benefits

The panel will review these and other key issues:

  • The key language that should be included in RFQs, seller’s quotes, purchase orders and long-term supply agreements
  • How counsel for buyers and suppliers can best mitigate risk when negotiating standard purchasing forms
  • “Battle of the forms” issues

Faculty

Edward J. Momkus, Member
Momkus McCluskey, Lisle, Ill.

Mr. Momkus concentrates his practice in complex business transactions, mergers and acquisitions, corporate law, financing, business succession and liability prevention systems. He negotiates and drafts contracts for a wide array of business transactions, including manufacturing contracts, purchase agreements, equipment leases, corporate and partnership formation, business succession and sales of businesses. He previously was employed as corporate attorney at Leaseway Transportation Corporation and later Evans Products Company, and subsequently became Appliance Group Counsel at Sunbeam Corporation.

Darrell W. Pierce, Member
Dykema Gossett, Ann Arbor, Mich.

Mr. Pierce focuses his practice in the areas of commercial and corporate finance law. He has earned a national reputation for handling sophisticated debt finance transactions, including structured finance transactions, securitization of financial assets and other significant secured transactions under Article 9 of the UCC, including restructurings and workouts. Mr. Pierce is Co-Leader of the firm's Lending Team and supervises its UCC Filing Team.


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