Month: June 2019
- Price type (e.g., fixed, time and materials, etc.)
- Not‐to‐exceed amount of time and materials pricing
- Duration of price validity
- Whether or not price will be adjustable throughout the term of the agreement
- If the price is adjustable, which index or indices will be used in a price adjustment formula
- A price adjustment formula
The practice of sourcing materials, labor and expertise for the large-scale production of value-added goods stretches back through recorded history, leaving no doubt as to the importance of procurement and supply chain to the development of complex societies. Beginning with the ancient Greek, Roman, Chinese and Mesopotamian civilizations, leading up to the Middle Ages, the Industrial Revolution and finally to the global supply chain of the late twentieth century, the principles and practices of procurement as we know them have long been intertwined with, and essential to, the expansion of human societies.