Agreement

CIOP is an end-to-end supply chain training and certification program designed and developed by supply chain practitioners and consultants. The syllabus was developed in consultation with the industry, which led to Inventory Management Body of Knowledge (IMBoK v3.0). Most of the class discussions you will hear cannot be found in any textbook rather these are all the original contribution from the developers of CIOP. For example, think about the types of inventories such as raw material, work-in-process and finished goods. Out of these three, WIP is the most difficult to sell in the market and that is one of the reasons, WIP should be controlled well. The company has a built-in capability and capacity to sell finished goods, which is their business. The second easy to sell are the raw materials as you know the suppliers, who may either buy-back or at least guide you. But in case of WIP, this is custom manufactured to suit your manufacturing processes and may not well fit any other organisation, hence you may have to sell it as a scrap.

An agreement is an expression of mutual agreement between two or more people to one another based on terms. An agreement is generally made during a meeting of the minds, usually through writing, and can be demonstrated in words, silence, or various other ways. Such agreements are normally used in sales and manufacturing settings to help facilitate communication and create harmony within the work environment.

An agreement in place is usually listed under the names of the parties to the agreement, together with the date on which it was signed. The parties may also indicate their genders, number of people, their names, and their date of birth. The parties then sign the agreement in front of a notary public, which is also their legal representation in the signing of documents in court. If, however, an agreement is not made in the presence of a notary public, the parties may record the written agreement in their own handwriting.

There are many different styles of English contract law, and depending on the circumstances of each individual case, the style of agreement chosen will vary. Written agreements are considered to be a legally binding document once both parties have fully executed and filed their agreement in a public court. A verbal agreement, while not legally binding, is considered to be a statement of mutual agreement, intended for future application and written in simple everyday language, with less technical jargon. This style of agreement will also be less expensive to seek legal counsel for the execution of a transaction than a more complex contractual format.

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