The Buyandsell.gc.ca/tenders`s national electronic tendering service will be the only major source of bids from the Government of Canada that are subject to trade agreements or department policies that require public tendering. British Columbia, Alberta, Saskatchewan and Manitoba are parties to the NWPTA and CFTA and must meet the obligations of both agreements. Our client was over the moon. There was only one small problem: with all the emotion he had aroused about this great performance, he had signed an agreement that included very unfavourable conditions for his company and severely limited his ability to finance his Bills and Walmart orders. It would be naïve to believe that our client, an entrepreneur who did not yet have traction power with his product and had never sold anything to a retailer, could force Walmart to comply with any requirements. But by understanding some of the key levers that could be adjusted in the agreement before starting negotiations with Walmart, he might have been able to change some of the details that would have made it easier to finance or take into account his bills and that might not have been important. APC can track, view and report to creditors who have downloaded a certain sales opportunity. Because cash flow is essential for small entrepreneurs, many businesses choose to include prepayment discounts in their lender contracts. Walmart`s standard payment terms for advance payments are 2%/35/65. This means that Walmart has the option to take a two percent discount and pay you in 35 days, or if it decides not to exercise the prepayment option, the company will pay in 65 days. Two percent is deducted from the gross bill amount before all other deductions (a typical Walmart bill may have other discounts worth 10%). This means that the cost to you of being paid 30 days earlier by Walmart is 2.2% or 26.7% per year! You can go to a third-party source of financing and pay much less – the cost of financing a Walmart bill through FundThrough is typically 0.033% per day or 12.0% per year.
If the agreement says anything other than “real sales,” the risk of sale is borne by you, the supplier. “Guaranteed sale” means that if the product is not sold within an acceptable time frame, Walmart can return it to you or ask you for significant discounts or credits – they take the product on the air, and you guarantee it will be sold. A “real sale” means that Walmart buys you the product and is required to pay you, whether they sell it or not; the risk of sale is transferred to Walmart as soon as they accept the delivery. As a general rule, factoring companies only finance invoices that are a real sale (although we can also finance guaranteed sales at FundThrough). Depending on the value of the treaty dollar and applicable trade agreements, contracting may have to be tendered publicly as a competition procedure, usually through the tendering service. Contracts are binding legal agreements between the Alberta government and the supplier. Goods and services are provided in accordance with the contract. Changes to a contract issued by Procurement Services are not valid unless purchasing services have authorized purchasing services prior to the delivery of goods and/or services. Each contract change is made by a contract amendment that has been granted by Purchasing Services. The thresholds for trade agreements on agreement and by category apply from January 1, 2020 to December 31, 2021.