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NEW QUESTION 32
What topics are covered within ethics?

Answer:

Explanation:
Topics that are covered within ethics are;
1. Environmental factors
2. The triple bottom line: profit, people and planet
3. Adopting sustainable practice.
4. considering the social impact of organization's behaviors

NEW QUESTION 33
What are the two types of damage clauses that can be created within a contract?

Answer:

Explanation:
Damages are 'sum of money that the supplier pays if it fails to carry out its contractual obligation. Damages are categorized into two types; liquidated and un-liquidated.
Liquidate Damages are fixed amount of money agreed between the parties that is payable if a contract is breached. For example, knowing that supplier not being able to install a device properly in a power transformer may destroy the device and going ahead to include a fee in the contract if the device was destroyed.
Un-liquidated damages are unfixed amount of money. It is used when the amount of money that will compensate the injured party cannot be known in advance. A court decides the amount when the damages occur. For example, knowing that supplier not being able to install a device properly in a power transformer may destroy the device, other appliances and equipment unknown, cause the buyer delay in the process and reputational damage as in customer dissatisfaction. Yet, unquantifiable as both party are unable to fix a fee in advance on the damages and leaving it to the court to decide the damage if it may occur.

NEW QUESTION 34
What potential costs could an organization face if it fails to conduct Due diligence effectively?

Answer:

Explanation:
Though strong due diligence procurement professionals can assess which suppliers or potential suppliers appear to meet the criteria associated with ethical practice.
Prior to the contract being awarded, strong due diligence can save the organization from the following cost:
1) Cost of reputation
2) Environmental damage
3) Stakeholders dissatisfaction,
4) poor quality and rework
5) Breach of contract
6) Ethical concerns

NEW QUESTION 35
What is CSR policy?

Answer:

Explanation:
Corporate Social responsibility (CSR) policies state how organizations aim to contribute towards the community and how an organization portrays itself towards social impacts.

NEW QUESTION 36
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