In 2011, GE Aviation, a company that does business with major corporations all over the world, decided to review the contracts they ask their customers to sign. The current contract could be 25 to 52 pages in length and often included two pages of just definitions – what the words meant in the contract, or […]
Although I rarely use the expression, many contractors in different industries have what they call a “bid-hit ratio”. Essentially, this involves comparing how many bids the contractors submitted against how many they won—that is, the “hit”. There is no average bid-hit ratio. Some contractors will submit 10 bids and only get one hit and assume […]
Service provider contracts often start out simple. But as the business grows, so do the lengths of the contracts.