...WHAT IS A CONTRACT OF SERVICE? Contract of Service is not a Contract for Services. Contract for Services is an agreement between an independent contractor and a company. No employer-employees relationship is established in this case. A Contract of Service Employment Contract is a verbal or written agreement expressing: 1. One person’s agreement to recruit another as a staff and 2. The agreement of the other person to work as a staff to the company. Therefore, an internship of contract is also considered a Contract of Service. ESSENTIAL CLAUSES OF CONTRACT OF SERVICE HOURS OF WORK An Employment Contract must clearly state 1. The daily work hours, 2. Number of working days in a week or a month as well as 3. Number of days for rest in a week. An employee is covered by Employment Act is not required under his/her contract of service to work more than 8 hours in a day or 44 hours in a week. Employers that require their staff to work over twelve hours per day are required to apply for overtime exemption from the Ministry of Manpower(MOM). EMPLOYEE BENEFITS In Singapore, employee benefits include annual leave, medical leave and healthcare benefits, retirement fund contributions, staff incentives and bonuses as well as related family (maternity and childcare) benefits. DESIGNATION TITLE AND JOB SCOPE The Employment Contract must clearly state the designation of the employee. It must also clearly define the job scope to be fulfilled by the employee. LEAVE ANNUAL...
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...Procurement of Projects and Services – The possibility of adopting the NEC3 family of contracts Sustainable procurement for construction or engineering relies upon making value for money decisions over the life of the asset and not solely on capital costs. A value for money solution to meet user requirements relies upon the optimum combination of whole –life costs and quality. Any procurement strategy should identify the best way of achieving the projects objectives, taking into account the likes of key objectives, constraints, funding, risk and asset ownership. It is the optimum balance of these factors that one strives for. The procurement route is the means of achieving the procurement strategy. This will include the contract strategy that best meets the client’s needs. The contract strategy will determine the level of integration of design, construction and maintenance for a project. This should support the main project objectives in terms of the likes of risk allocation, incentivisation and delivery. There are many procurement routes available including traditional, design and build, prime contracting, management contracts and private finance initiative/public-private partnership. The NEC3 family of contracts is designed to be flexible enough to work in most currently available procurement routes. All parties involved in the project delivering process can be employed under one of the “family” of integrated NEC3 contract forms which allows the parties to benefit...
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...LESSON 2 – Contract Delays determine if a delay is excusable. determine if a delay is compensable. Homework Assignment 1 1. What clauses excuse the contractor’s failure to perform on time due to an act of God or the public enemy? 52.249-8(c) Except for defaults of subcontractors at any tier, the Contractor shall not be liable for any excess costs if the failure to perform the contract arises from causes beyond the control and without the fault or negligence of the Contractor. Examples of such causes include (1) acts of God or of the public enemy, (2) acts of the Government in either its sovereign or contractual capacity, (3) fires, (4) floods, (5) epidemics, (6) quarantine restrictions, (7) strikes, (8) freight embargoes, and (9) unusually severe weather. In each instance the failure to perform must be beyond the control and without the fault or negligence of the Contractor. 2. What events stated in these clauses, other than acts of God or the public enemy, would excuse a contractor’s failure to perform on time? 2, 3, 6, 7 and 8 3. Do any of the clauses in #1 entitle the contractor to an adjustment in the terms of the contract? If so what type of adjustment? ?? 4. What clauses can the Government use to order a suspension of work or a work stoppage? 52.242-14 and 52.242-15 5. For what types of contracts would each of the clauses in your answer to #4 be used? fixed-price construction or architect-engineer contract is contemplated: As prescribed...
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...Government Contracting and how do they impact both the Government and the Contractor. The Government going into a contract for supplies, services, or construction, has a primary goal of obtaining timely performance in tune with the contracts specification. Another goal of the government is to preserve the integrity of the competitive procurement system. In order to ensure that these goals are adhered to, various clauses are added to the contract that will give the government the ample rights to monitor performance and be able to take the necessary steps when it feels that the performance is unsatisfactory. The inspection, acceptance, and warranties clauses are some of these clauses that are included in the contracts, which allows the government to monitor its contracts. FAR 46.0 prescribe procedures and policies that ensure that services and supplies acquired through government contract should conform to the contract’s quality and quantity requirements. Included are inspection, acceptance, and warranty. “ Acceptance” means, “the act of an authorized representative of the government by which the government, for itself or as agent of another, assumes ownership of existing identified supplies tendered or approves specific rendered as partial or complete performance of the contract.” FAR 46.101. (Farsite.hill.af.mil). Inspection on the other hand, which involves either the government or the contractor, is primarily the means, which ensures...
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...A) Law of contract An agreement enforceable in law, a contract, needs to fulfill 4 elements: offer, acceptance, consideration and intention to be valid. It legally binds parties to act in accordance to the verbal or written terms stated in the contract. If there is a breach of contract, the innocent party can sue for damages or demand for specific performance to be done. a) Applicable law There are three categories of terms of contract: conditions, warranties and innominate terms. Classifications of these terms are imperative as consequence faced will vary from termination of contract and/or paying for damages. Condition terms are the fundamental terms of a contract, going to the very root of the contract (Poussard v Spiers (1876)). A breach of condition allows the company to terminate the contract and collect reparation from the contract breaker. Applying fact to law In this case, Ravi and MicroHard signed a contract where one of the terms- (3) stated in the contract was that MicroHard will provide resources and utilize employees to perform the necessary services. People engage MicroHard solely for its software support services. Therefore, it is a condition that MicroHard will provide services to resolve software problems. However, MicroHard did not fulfill those conditions. The sent employee was incompetent and failed to perform the service of repairing Ravi’s software. Therefore there was a breach of condition by MicroHard. Conclusion Both parties had the intention...
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...Coconut Telegraph Corporation (Coconut) entered into an arrangement on February 1, 2018, to sell Buffett Worldwide Inc. (Buffett) the Volcano System and provide one year of post-contract customer support (PCS) for $12,000. On May 1, 2018, Coconut agreed to provide one year of training services and one additional year of PCS to Buffett in a contract modification of $4,500. Using the FASB ASC 606-10-25 code concerning contract modification, I will address the requirements when recognizing a new or modified contract for both the February 1 and May 1 agreements. My recommendation to Coconut is to recognize the May 1, 2018 agreement as a new contract. Also addressed are recognized and deferred revenues under both new and modified contract revenue recognition standards. Combination of Contracts and Recognized/Deferred Revenue...
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...| | 8 | 1, 2, 3 | 2. Contracts; Contract modifications. | 7, 9 | 1, 3 | 1, 2, 3, 4, 17, 18 | 1, 2 | 1 | 3. Performance Obligations | 10, 11, 12 | 3, 4, 19, 20 | | | | 4. Transaction Price | 8, 13 | | 5, 8, 9 | 4, 5 | 1 | 5. Variable Consideration; Time value; Non-Cash consideration, consideration paid to customer | 8, 14, 15, 16, 17, 18, | 5, 6, 7, 8, 9, 10 | 6, 7 | 3, 4, 6, 7, 8, 9 | 5 | 6. Allocate transaction price to performance obligations. | 11, 12, 19, 20 | 2, 8, 11, 12 | 5, 8, 9, 10 | 1, 2, 3, 4, 5 | | 7. Satisfying Performance Obligations – transfer control: Returns; repurchases; Bill and Hold; Principal-agent; consignments; Warranties; Upfront fees. | 5, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30 | 13, 14, 15, 16, 17, 18, 20 | 10, 11, 12, 13, 14, 15, 16 | 1, 2, 3, 5, 6, 7, 8, 9 | 2, 3, 4, 6, 7 | 8. Presentation, Contract Costs, Collectability. | 30, 31, 32, 33 | 19 | 17, 18, 19, 20 | | 1, 2, 6 | *9. Long-Term Contracts | 34, 35, 36, 37 | 21, 22, 23 | 21, 22, 23, 24, 25 | 10, 11, 12 | 8 | *10. Franchising. | 38 | 24 | 26, 27 | 13 | | *Material is in the Appendices. ASSIGNMENT CLASSIFICATION TABLE (BY LEARNING OBJECTIVE) Learning Objectives | Brief Exercises | Exercises | Problems | 1. Understand revenue recognition issues. | | 1, 2 | 8 | 2. Identify the five steps in the revenue recognition model. | | | | 3. Identify the contracts with customers. | 1, 2,...
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...Select Service, Inc REVISED September 12, 2012 The Setting Select Service, Inc is an authorized retail distributor of a computerized control device, the Process King 2000. The Process King 2000 is a programmable device that controls automated packaging machines used to weigh and pour a variety of food products into containers that are then heat-sealed to ensure product freshness. Currently, only one company in North America produces the Process King 2000, StatTech Corporation. Select Service and its industry competitors act as rental agents for the manufacturer and operate as post-sale service providers. Service Contracts Select Service customers choose either the Platinum contract with an annual price of $990 or the Gold contract with an annual price of $750. The two types of contracts both include annual rental of the Process King 2000 device, but offer different levels of post-sale service. Certified trained Service Technicians program the Process King 2000 to adjust the operating parameters to the packaging specifications required for customers’ products. Some customers use the Process King 2000 to package multiple different food products that require different machine set-ups in the programming. Service Technicians also provide regular operation analysis. The Gold Contract includes annual programming of up to 10 new machine set-ups and bi-monthly operation analysis reports to the customer. The Platinum Contract includes programming of unlimited...
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...Contracts Due to the extensive use of Contracts for the Organization, it is imperative that Contracts Management is up to date and monitored closely. The Contracts Monitor will be responsible for the complete maintenance and monitoring Contracts, created by the Contracted Legal Team. All issues related to Contracts will be reported to the Board and addressed by the Contracts Monitor. Any further non-compliance will be reported to the Contracted Legal team for further review. The Contracts Monitor, will need to work closely with the Contracted Legal team to monitor and create the following: • Authoring and negotiation • Baseline management • Commitment management • Communication management • Contract visibility and awareness • Document management • Issue and change management • Service level agreement compliance • Transaction compliance (Wikipedia.org, 2010) Authoring and Negotiation: The Contracts Monitor and the Contracted Legal Team will formulate, author and negotiate the Contracts for all elements of the pilot program. The legal documents will vary with each contract created. Contracts will include agreements with the Corporations, Contractors and Students. Baseline: The Contracts Monitor will monitor the baseline management of the service level agreements, including but not limited to: Accounting temp contracts, IT contracts, Human Resource Contracts, and Facility Contracts. The baseline will determine milestones in the contract, and the...
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...ensure health care services provided are based on a highly reliable commerce with reduced rates of adverse procedures and increased safety. One of the assignments I worked on for the contract project required me to meet with the joint commission manager to observe her responsibilities. The Joint Commission manager was responsible for reviewing emails about changes in the quality and safety of patients. Additional research should be conducted and was conducted because the Joint Commission manager is responsible for providing feedback to the relevant departments about potential changes needed. For example, the Joint Commissioner received an email that explained the quality of gloves...
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... Hospitals are on a rise with entering into exclusive contracts with physicians to operate departments within the hospital. Physicians that are not in an exclusive contract are forbidden from performing the covered services. Physicians that are not in exclusive contracts they are terminated or services are being reduced. Exclusive contracts are negotiable. There are five important critical issues that should not be overlooked when negotiating. The important issues are scope of services, hospital politics, compensation structure, termination issues, and obligations after termination. Scope of services are very important you need to have it defined fully what services will be provided. Be aware in negotiating the contract to make sure the scope of services are defined broadly including current and future services to be provided. Compensation is very important in a contract. We all want to know how much we will be paid for the services we are providing. In an exclusive hospital the compensation is based on the demographics of the hospital’s service area. A breach of contract is when one party fails to hold up their end of the bargain under the in contract that is in place. Breach of contract could be actual or anticipatory. The actual breach of contract is when one party refuses to perform the required services that were agreed upon in the contract. The services not done by the due date or the services are incomplete. Anticipatory breach happens when one party...
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...of Performance Contract on Public Service Delivery in Kenya: Study of Registration of Persons Kericho District 1. Thomas Gekonde School of Law Mount Kenya University, P.O Box 2591, Eldoret-Kenya Tel: +254 721 206 387, Email: t.gekonde@yahoo.com 2. Dr Pamela Ochieng, Associate Dean Mount Kenya University School of Post Graduate Studies, P.O. Box 2591, Eldoret, Kenya. Tel: + 254 722 577 037, Email: pamco23@yahoo.com 3. Professor Elim Lokapel Principal Mount Kenya University, P O. Box 2591, Eldoret, Kenya Tel: + 254 728-885-012, Email: elokapel@yahoo.com Abstract The study sought to investigate on the influence of performance contract on public service delivery in Kenya with specific reference to the department of registration of person in Kericho District using 2011 – 2012 public service delivery period as the base line. The study adopted a descriptive research design on a sample size of 222 respondents who were identified and selected through purposive and random convenient sampling techniques from a target population of 2040 respondents. Data collection was done by use of questionnaires as well as observation schedules. Collected data was sorted, cleaned, coded and analyzed by the aid of statistical package of social scientist programme (SPSS). Study findings were contently analyzed and presented in form of tables and figures. Based on the study findings, it was concluded that performance contract had positive influence on public service delivery as a...
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...Over $146 billion was awarded for contracts under in Fiscal Year 2011 (Preweb, 20012). Since the beginning of Fiscal Year 2012 (October 2011), over 12% of government contracts were awarded for Professional, Scientific and Technical Services, second only to Electronics, Computer and Transportation Equipment Manufacturing. “With the Obama Administration's push for agencies to adopt cloud computing, provide more transparency to tax payers and allow more federal employees to engage in telework, IT government contractors in particular should expect significant growth during 2012” (PreWeb). The aforementioned programs support the American Recovery and Reinvestment Act of 2009 which made billions available in government spending available to assist in the economic turnaround. As the government spend billions of additional dollars into the economy, there are numerous firms that has and continue to conduct business with the Federal government. The firm that will be discussed in this paper is Kellogg, Brown and Root Inc (KBR). This paper will highlight the company, what it does and the amount of business it does with the federal government. It will further discuss required actions that enable KBR to be able to participate in federal government contracting process actions and finally it will discuss the required actions that enable KBR to be able to participate in federal government contracting process actions. What that means for potential contractors is numerous opportunities...
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...recognition issues regarding extended warranty contracts. Applicable Professional Pronouncements ASC 605-20, Revenue Recognition: Services (ASC 605-20) (FASB Technical Bulletin No. 90-1, Accounting for Separately Priced Extended Warranty and Product Maintenance Contracts (Technical Bulletin 90-1)) ASC 944, Financial Service — Insurance (ASC 944) (FASB Statement No. 113, Accounting and Reporting for Reinsurance of Short-Duration and Long-Duration Contracts (Statement 113)) FASB Concepts Statement No. 5, Recognition and Measurement in Financial Statements of Business Enterprises (Concepts Statement 5) SEC Division of Corporation Finance, Frequently Requested Accounting and Financial Reporting Interpretations and Guidance, Part I(J), Accounting for Extended Warranty Plans (SEC Financial Reporting Interpretations and Guidance) Discussion ASC 605-20 specifies the accounting for separately priced extended warranty contracts. ASC 605-20 provides the following definitions for “Extended Warranty,” “Product Maintenance Contracts,” and “Separately Priced Contracts”: Extended Warranty An agreement to provide warranty protection in addition to the scope of coverage of the manufacturer’s original warranty, if any, or to extend the period of coverage provided by the manufacturer’s original warranty. Product Maintenance Contracts An agreement to perform certain agreed-upon services to maintain a product for a specified period of time. The terms of the contract may take different forms, such as an agreement...
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...UNIT 14: HOSPITALITY CONTRACT AND EVENT MANAGEMENT Get assignment help for this unit at assignmenthelpuk@yahoo.com LO1 Understand external factors that affect planning and management in the event and contract sectors Diversity of sector: employee catering; hospital catering; school meals; conference centres; location and outdoor events; banqueting; private functions Types of service provision: food and beverage services; accommodation services; reception; facilities management; linen and laundry; cleaning; administration; hotel services; maintenance; security; purchasing; human resource services Component elements of the contract/event: menu design; food and beverage service style; staffing; timing; space layout; decoration; entertainment; lighting and sound External factors: socio-cultural; economic; political; technological; environmental; legal LO2 Understand the operational issues which affect the success of event management Elements of project management: action planning; product knowledge; decision-making; scheduling; administration; client liaison; component elements of the event; liaison with internal/external providers (executive chef, restaurant/bar manager, HR manager, front office, AV technician, florist, artiste/agent) Food and beverage systems: suitability of menu design; type of food service system for a particular contract and event catering situation; suitability of purchasing; delivering and storage systems Marketing and sales issues: product placement;...
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