Traditional Pricing Practices Have Supported Cooperative Efforts to Make Design

question 67

True/False

Traditional pricing practices have supported cooperative efforts to make design, product, and process improvements with suppliers.

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Definitions:

Informal Law

A term that may refer to customary practices or agreements that are recognized and followed by a group of people, even though they are not codified by government legislation.

Disinterested Third Party

An impartial and unbiased individual or entity not involved in the interests or concerns of the principal parties in a transaction or dispute.

ADR

Stands for Alternative Dispute Resolution, which is a range of processes and techniques used to resolve conflicts or disputes without litigating in court.

Arbitration

A method of settling disputes in which a dispute is submitted to a disinterested third party (other than a court), who issues a decision that may or may not be legally binding.