Which of the following is a benefit to the buyer of using model form contracts?
A.
The terms used are advantageous to the buyer
B.
It reduces time and costs in developing a formal contract
C.
No legal advice is required as variations are not accepted
D.
Most suppliers are unfamiliar with the terms used
The Answer Is:
B
This question includes an explanation.
Explanation:
Model form contracts streamline procurement processes by providing pre-agreed and widely understood terms, which reduce the time and legal costs of contract drafting. These are especially useful in complex industries and promote consistency and fairness.
[Reference:CIPS L4M3 Commercial Contracting Study Guide, Chapter 3, Section 3.1.3 – Model form contracts and efficiency., , ]
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