في اليوم الأول من معرض #سيتي_سكيب_العالمي، جناح مدينة محمد بن سلمان غير الربحية "مدينة مسك" يستقبل زواره، ويعرفهم على الرؤية المبتكرة لـ #مدينة_مسك التي تجمع بين الإبداع والتنمية المستدامة. ننتظركم غدًا للمزيد من التجارب المتميزة! @CSGlobalKSA

An incentivized contract rewards suppliers or service providers for achieving specific performance goals, such as cost savings, quality improvements, or efficiency gains. linkedin.com/posts/ammarals…

A Non-Disclosure Agreement (NDA) for suppliers is a legal document between a buyer and a supplier, designed to protect confidential information exchanged during their business relationship. #CIPS #NDA

Consideration refers to something of value exchanged between parties in a contract. It is a key element that makes a contract legally binding. Without consideration, a contract is typically unenforceable #Supply_chain #procurement #contracts #CIPS #consideration

Price – The amount the buyer agrees to pay for a product or service. This is the figure in contracts or invoices. Cost – The total amount the supplier incurs to manufacture a product or provide a service. This includes raw materials, labor, overhead etc. #CIPS

Digital contracts are legally binding agreements created, signed, and managed using digital tools and platforms. They eliminate the need for physical paperwork, streamlining the entire contracting process while maintaining legal enforceability. #CIPS

Risk Management in Procurement refers to the systematic process of identifying, assessing, mitigating, and monitoring potential risks that could impact the procurement process. The goal of risk management in procurement is to minimize the likelihood and impact of risks #CIPS

Digital transformation in procurement involves leveraging advanced technologies to automate, optimize, and enhance every aspect of the procurement process. It's about rethinking procurement strategies to align with business goals, improve efficiency, create greater value. #CIPS

Digital Procurement refers to the use of digital technologies to automate procurement process, from sourcing and purchasing to supplier management and payment. It involves tools such as e-procurement platforms, data analytics, cloud computing #Supply_chain #procurement #CIPS

Sustainable procurement is the process of buying goods and services in a way that reduces environmental impact, supports social responsibility, and ensures economic value. It involves making choices that benefit the environment, communities, and the economy. #CIPS #ESG

An indemnity clause in a contract is a provision that allocates risk and financial responsibility among the parties involved. It requires one party to compensate the other for losses or damages that arise under specific circumstances. #procurement #CIPS #Contract

Liquidated damages are crucial clauses in procurement contracts. They specify preagreed amounts to be paid in case of breaches, such as late deliveries. These clauses help buyers recover hard-to-quantify losses like costs of delays or lost business opportunities. #CIPS #Contract

The fraud triangle is a crucial framework in auditing that explains why individuals commit fraud. Individuals are motivated to commit fraud when three elements come together. 1. Opportunity 2. Incentive 3. Rationalization #Procurement #Fraud #CIPS

ABC Analysis classifies inventory items into three categories based on their value and importance to the business: A (high-value items ), B (moderate-value items ), and C (low-value items). This method helps prioritize resources and apply appropriate controls #procurement #CIPS

In procurement, #goods are tangible, quantifiable items that can be seen, touched, stored, owned & transferred, such as office supplies and machinery. #Services are generated or performed, cannot be owned or transferred, and are measured by time and quality. #procurement #CIPS

Achieving excellence in procurement involves mastering the "Five Rights": obtaining the right quality, in the right quantity, at the right time, for the right price, and delivered to the right place. #Supply_chain #negotiation #procurement #purchasing #leadership #CIPS

Dyadic supply relationships is the interactions and connections between two parties in a supply chain, typically a buyer and a supplier. The relationships focus on Trust Commitment, Communication, Collaboration, Negotiation, Conflict Resolution, and Performance Measurement. #CIPS

Sourcing is an upstream part of the supply chain; It's the process of strategically evaluating and selecting suitable suppliers who help the organization maintain its competitiveness in the market. #Supply_chain #Procurement #CIPS

Value Engineering is a systematic, organized approach to providing necessary functions in a project at the lowest cost. VE involves substituting materials and methods with less expensive alternatives, without sacrificing functionality. #procurement #purchasing #leadership #CIPS

The Starbursting method is a brainstorming technique used to explore a new idea or project by generating questions across six categories: who, what, where, when, why, and how. Benefits of Starbursting: Comprehensive Exploration, Risk Mitigation, Collaborative Thinking. #CIPS