Fhyzics brought out this series of articles on supply chain terminologies to help the supply chain aspirants better prepare for supply chain and procurement job interviews. Each article will contain a set of terminologies in one of the supply chain or procurement sub-domains and are equally applicable to all industries.

Fhyzics Business Consultants Pvt. Ltd. – a boutique business consulting firm specialising in supply chain management, procurement, business analysis and new product development. Fhyzics offers consulting, certifications, and civil services training and conducts conferences. Fhyzics represents the Association of Supply Chain Management (ASCM/APICS), USA; Chartered Institute of Procurement and Supply (CIPS), UK; EEP of International Institute of Business Analysis, IIBA, Canada; REP of International Requirements Engineering Board, IREB, Germany; Indian Affiliate of Product Development and Management Association, PDMA, USA.

Top Managing Contract Risk Terminologies

Acceptance
Acceptance criteria
Adjudication
Advance payment
Affirm
Affirmation
Agreement
Alternative dispute resolution (ADR)
Anticipatory breach
Arbitration
Auctions
Automated machines
Background intellectual property
Barter
Battle of the forms
Beneficiary
Benefit
Boilerplate clause
Breach
Causal link
Claim identification
Claims made policies
Collaborative approach
Commercial off-the –shelf (COTS)
Competitive approach
Conditional acceptances
Confidentiality agreements
Consequential loss
Consideration
Consumer contracts
Contract change
Contract formation
Contract regulations
Contract terms
Contract variation
Contractual flow downs
Counter offer
Critical service level
Crystallised
Damages
Defendant
Direct loss
Documentary collection
Documentary credits
Down-tooling
Drafting
Duration
Exclusion clause
Exclusions
Expectation measures
Express terms
Flow down
Forbearance agreement
Force majeure
Frustrated
Fundamental breach
Good faith
Gross domestic product
Guarantor
Head contract
Hold harmless agreement
Implied terms
Incidental loss
Incoterms
Informal variations
Injunctions
Innocent party
Insurance
Intellectual property party
International chamber of commerce
International organization for standardization
Invitation to treat
Key performance indicators (KPIs)
Legal obligation
Legal relationship
Letter of credit
Liability
Limit of liability
Limitation periods
Limitations
Liquidated damages
Major breach
Memorandum of understanding (MoU)
Minor breach
Mutual surrender
Notice
Notice of cancellation
Offer
Offeree
Offeror
Offset
Online transactions
Open account
Order of precedence clause
Organisation for economic co-operation and development (OECD)
Past consideration
Penalties
Peppercorn contract
Performance
Period of acceptance
Plaintiff
Precedent
Preferred suppliers
Primary obligation
Prime contract
Principal
Promisee
Promisor
Relevance
Reliance damages
Remedies
Remedy of the situation
Representation
Repudiate
Repudiatory breach
Reputational damage
Request for information
Rescind
Restitution measures
Risk register
Secondary obligation
Service credit
Service level agreement (SLA)
Service levels
Share purchase agreements
Specific performance
Stakeholder
Statement of work
Stay of court proceeding
Stay of execution
Strategic procurement
Strategic supplier
Sunk cost
Tender
Termination clauses
Thresholds
Tier 1 suppliers
Tier 2 suppliers
Time barred
Time is of the essence
Trigger event
Unilateral contract
Unliquidated damages
Variation on price (VOP)
Waiver
Waiver of subrogation
Warranty
Wilful acts
Work packages

The fifty questions presented above will help the following supply chain job interviews. Demand Planner; Production Planner; Supply Planner; Supply Chain Analyst; Supply Chain Head; Inventory Controller; Materials Planner; VP Supply Chain; Warehouse Executive; Warehouse Manager; Inventory Analyst; Master Planner; Master Scheduler; Materials Manager; Category Manager; Commodity Manager; Procurement Specialist; Purchasing Manager; Sourcing Manager; Operations Manager; Operations Director; Production Manager; Production Scheduler; Logistics Coordinator; Logistics Manager; Transportation Analyst; Inventory Manager; Director of Supply Chain; Consultant; Buyer Planner; Logistics Resource Planner; Load Planner; Quality Manager; Production Supervisor; Production Operative; Strategic Sourcing Manager; Purchasing and Inventory Clerk; Logistics Administrator; Reverse Logistics Manager; Transport Administrator; Supply Chain Solution Design Analyst; Warehouse Clerk; Production Clerk; Production Technician; Inventory Associate; Export Manager; Capacity Manager; Manufacturing Manager; Plant Manager; VP of Operations; VP of Manufacturing; Supply Clerk; Replenishment Manager; Director of Procurement; Purchasing Agent; Vendor Manager; Fulfillment Associate; Route Manager; Import Manager; Distribution Manager; Director of Transportation; Operations Assistant; Quality Technician; Business Process Analyst; Quality Assurance Engineer; Continuous Improvement Manager; Planning Engineer; Lean, Six Sigma Specialist; SAP Consultant; Import Export Executive; Supply Network Specialist; Material Availability Analyst; Team Manager SCM; SCM Trainer; Sr. Specialist Supply Chain Logistics Management; Sustainable Supply Chain Specialist; Supply Chain Planner; Manager Supply Chain Management Analytics; Procurement Lead; Manager Store; Procurement Professional; Logistics Specialist; Global Delivery Manager; Sourcing Support Specialist; Category Head; Regional Logistics Incharge; Dispatch Incharge; Digital Transformation Leader for Supply Chain; Field Delivery Executive; Indirect Procurement Officer; DC Manager; Regional Procurement Lead; Yard Supervisor; Principal Buyer; Procurement HR; Fleet Coordinator; Supplier Developer; Vendor Consultant; Transportation Analyst; Manager Hub Operations; Supply Chain Planning System Manager;