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thank you for attending todays webinar on supply management contract writing this is webinar 1 of a full part series that we do one-five every quarter and well be covering the entire body of knowledge relative to supply manager management contract writing so were going to go in to do some housecleaning and recover some of what we are going to touch on today we press the time they have about 12 minutes so were going to get right into it Im going to get into initially that the purposes of contracts and contracts have six distinct purposes one would be a one is to formalize obligations despair in a minute and write the rights of each party the buyer and the seller to to control and allocate risk three to lock in the benefits that will be derived from a contractual relationship between the buying party and the selling party for to eliminate the need for negotiation five to agree on how exceptions will be handled and six for some any other advantage that the party see fit Im going to