Terms and Conditions of Contracts for Projects from POME by Gautam Koppala VT
gives them more leverage to return products without paying for them. The act of “acceptance” is important to Project/ Product/ Services Organization for two main reasons:
Project/ Product/ Services Organization is not entitled to payment for rejected product – so acceptance is critical for revenue recognition and collections; and
After acceptance (with the exception of latent defects), the Buyer’s remedy for non-conforming product is under the terms of the standard product warranty. The product warranty typically limits Project/ Product/ Services Organization’s liability and the Buyer’s remedies under the contract.
Commercial Sales Agreement Standard Terms & Conditions
The Project/ Product/ Services Organization contracting community must develop a model set of standard contracts clauses, applying across the Project/ Product/
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