You need to buy What?

“You mentioned you were interested in contracting Melissa.” “Yes, I looked at is as a cross between law and accounting.” “Well, technically contracting is not an accounting function, but it has been my experience, that accountants often get very involved in that portfolio. For example, when I worked in government, we had contracting specialists, but they were part of the accounting division. Not all departments worked this way though.” “So, you have experience with contracting Isaac?” “We had specialists, but I was very much involved, so I would have to say yes; in fact, it was probably the most intriguing part of my job.” “I read the story about the misplaced comma that cost a company over two- millions dollars Isaac, and I was hooked.” Isaac Laughs. “I showed that story to three different lawyers Melissa, and they each scratched their heads.” “Do you remember all of the elements of a contract Isaac?” “Oh yes, and my favorite being capacity.” “Why! Are you lacking it?” Isaac and Melissa share a laugh. “Perhaps, but I do recall many managers and contractors that I had to question based on some of the things they would come up with.” “Do tell Isaac?”

“We had this manager, who ordered six units of a specialized piece of equipment, at a cost of $7,000 each. These items had to be sourced by the supplier as a special order, and it took three months to receive them. When the items, arrived, the manager decided they were not quite what he was looking for, so returned them.” “And?” “The supplier charged us a 30 percent re-stocking fee.” “Sounds reasonable.” “You bet it was, because our manager did not clearly outline his requirements, nor did he properly research the items he ordered to ensure he knew what he was buying.” “Requirements definition.” “One of the elements of a contract is sum consideration; the obvious part is the money I will pay, the not so obvious part being what it is you are going to give me in exchange for the money.” “So, an unclear definition of requirements cost your company $12,600 for nothing.” “It would have, had we not had a contracting officer who had been around a long time, knew a lot of people, and found a buyer for the items.” “Whew!” “Worth her weight in gold Melissa.”

Coming soon, our book ‘The Beancounter’ and soon after ‘El Casero (The Landlord.) Join Isaac and his guests, where they will share enlightenment and humour as they tell their business stories.