Contract Terms: When the Fine Print Isn’t So Fine
When dealing with contracts, new relationships, or even old ones a little extra scrutiny upfront can save significant amounts of money in the long-run, warns Jennifer McKevitt, writing for Supply Chain Dive.
“While some contract disputes can be settled easily, others erupt once bankruptcy enters the picture. Such was the case between GM and Clark-Cutler-McDermott (CCM), a longtime supplier of GM parts including acoustic insulation and interior trim,” she explains.
She discusses the case, in which CCM claimed to be losing $30,000 per day as a result of damaging contracts initiated by GM.
