Monthly Archives: December 2014

  Liquidated Damages (LD’s) are a misunderstood and emotive concept for procurement specialists. A starting point for clarity is the fact that in English Law a penalty clause is illegal. An LD clause is penal if it provides for payment of money stipulated as ‘in terrorem’ of the offending party to force him to perform […]

Who Audits the Auditors? We have been reading a “Contract Award Manual”. The content relating to procurement begs the question regarding auditor’s competencies to, on an informed basis, audit the specifics of a deal. There is a section on “Negotiation” It states: The auditors review of purchasing procedures should determine whether: a)      Buyers are required […]