Question 1

Key performance indicators in an agreement with a security company should include:

Accepted Answer

Key performance indicators for a security company in an agreement should focus on measurable and critical aspects of the service, such as the level of staffing, qualifications, and licenses held by staff, to ensure they meet legal and performance standards.

Question 2

In contract negotiation, compromise by both parties leads to:

Accepted Answer

Compromise in contract negotiations typically results in a win-win situation, where both parties make concessions to reach a mutually beneficial agreement.

Question 3

Business relationships in the event environment involve any legal agreement or contract with which of the following?

Accepted Answer

Business relationships in the event environment can involve legal agreements or contracts with any supplier or contractor, as they provide goods or services necessary for the event.

Question 4

In the event context of agreements and contracts, negotiation techniques are used for:

Accepted Answer

Negotiation techniques are directly applied in the context of closing contracts on venue hire, where parties discuss terms and conditions to reach a mutually beneficial agreement.

Question 5

VIK or value in kind is also known as:

Accepted Answer

VIK (value in kind) is a contra arrangement, which means it is a non-cash transaction.

Question 6

Which of the following are suppliers?

Accepted Answer

Suppliers are external entities that provide goods or services to an organization. A staffing agency and a security company fit this description as they supply personnel and security services, respectively.

Question 7

A PCBU (person conducting a business or undertaking):

Accepted Answer

A PCBU is a concept developed in the scope of workplace health and safety, focusing on the responsibilities of those conducting a business or undertaking towards ensuring the health and safety of workers and others affected by the work.

Question 8

A simple contract:

Accepted Answer

Simple contracts can be either oral or written, not necessarily requiring a formal written document unless specified by law for certain types of agreements.

Question 9

Consideration in the context of contract arrangements includes:

Accepted Answer

Consideration in the context of contract arrangements can include money, value in kind (VIK), goods, or services. This means any of these can be exchanged as part of a contractual agreement.

Question 10

Stages in the negotiation process are:

Accepted Answer

The correct stages in the negotiation process are: Preparation, where parties prepare for negotiation; Definition of rules, where the rules of negotiation are established; Clarification, where parties clarify their needs and wants; Bargaining, where the actual negotiation takes place; Closure, where the negotiation concludes; and Implementation, where the agreed terms are put into action.

Quiz 7: Establish and Conduct Business Relationships