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00:00:20.480Hello and welcome to Let's Talk Procurement, the only show you need to master the art of procurement.
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00:00:27.440Let's go, baby! Hello and welcome back to another episode of the Let's Talk Procurement Podcast.
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00:00:42.479The only place you need to come for your procurement knowledge with me for one of the last times ever for at least season three and maybe season four is uh the what do we call you?
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00:00:45.280What was that the benevolent and the vagrant?
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00:00:46.640So he's both of those in one.
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00:00:48.560Uh Luke 10, how are you my friend?
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00:00:49.520Yeah, I'm good.
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00:00:50.320I'm good.
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00:00:53.119Uh we're currently sat in the studio.
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00:00:59.039I don't know if this makes the sound any better, um, but it's extremely hot in here.
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00:01:19.519As one of the um as one of the well obviously one of the positives is is great audio quality, but one of the negatives is that we have to boil it live because as we know, the hotter it gets the the less interference there is with sound molecules from other uh from other sources.
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00:01:22.239So that's why studios have to be really hot.
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00:01:25.680Um we are we're both pretty much sweating.
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00:01:29.840I mean it's good practice for your travels because it will be this humid there.
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00:01:30.319Yeah.
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00:01:36.799I think when you're in Colombia, you will be saying, Oh, I've trained for this.
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00:01:44.079I'm impressed by the way that you finally named a country that's in Central and South America that I may be going to.
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00:01:44.879Oh, what is it?
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00:01:48.719Right.
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00:01:51.120India, Nicaragua.
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00:01:54.560Um Nicaragua is a place I'm going.
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00:01:56.480You I think you named Djibouti.
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00:01:57.920Oh yeah, Djibouti, yeah.
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00:01:59.760Um Vanuatu.
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00:02:01.599Uh Canada.
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00:02:02.159Canada.
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00:02:03.280I'm not going to.
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00:02:05.439Well, not that I know of.
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00:02:07.359You never know, things might change.
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00:02:12.800Yeah, well, especially when you uh make some friends out there and they say come to Canada and you'll go, yeah, alright.
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00:02:13.520See you later.
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00:02:14.319I'm in.
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00:02:16.400Well, we're ending the episode already.
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00:02:20.000So yeah, that's the buzzword, isn't it?
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00:02:22.159No, but it's a safe word, that's what you call it.
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00:02:28.080Right, so uh we have had a listener get in touch with a question for you before you leave.
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00:02:29.360So I'll read out the message.
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00:02:30.080Um, thank you.
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00:02:31.759So my name is Sarah.
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00:02:33.439Uh hoping it's Sarah, not Sarah.
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00:02:34.560Uh it's got H on the end.
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00:02:39.919So my name is Sarah, and I just wanted to say how much I enjoy the Let's Talk Procurement podcast.
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00:02:49.599Your practical approach and honest conversations about supply relationships, stakeholder engagement, and the role of procurement have really helped me within my own career and how I think about it.
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00:02:59.919My question for you, Luke Ten: what do you think procurement professionals such as myself can be doing right now to make themselves future-proof for the next five years?
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00:03:02.879Uh future-proof.
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00:03:09.439Um, well, immediately my head is going towards artificial intelligence.
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00:03:12.000Um, that's gonna be a big, a big topic.
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00:03:18.879Um, although I did predict uh, and you know, maybe I should stand firm on this, that it's only a hype AI.
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00:03:22.319I think it's gonna go down in in about two weeks.
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00:03:25.439This AI stuff's not gonna catch on, really, is it?
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00:03:32.080Um all those savings that you can make with it and and things that it can do a lot quicker than any human.
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00:03:34.080Uh that's not gonna that's not gonna catch on.
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00:03:41.840So I wouldn't worry about about getting up to speed with that or any potential new technology that might uh come along with that.
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00:03:48.639Also, um it's it's potentially it's probably a bit of a waste of time to do some professional qualifications, isn't it?
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00:04:01.840Well I think uh, you know, like sips level four, five, five, six, um, yeah, it's I think to make yourself future-proof, you need to focus on you right now, you know, you need to go and find yourself.
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00:04:04.400You need to leave the century and South America.
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00:04:06.479Yeah, you need to just quit.
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00:04:09.919Yeah.
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00:04:16.959Quit, uh, quit, but don't quit listening to the Let's Stop Procurement podcast.
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00:04:30.319Well, I think if you, you know, if you go to Djibouti and you find yourself on top of a mountain speaking to a monk, ask him, how do you procure your food supplies when the nearest village is 10 miles away?
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00:04:32.879And what does that do to you?
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00:04:35.519It makes you a better professional.
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00:04:45.360One thing that you should also do is uh look to make yourself future-proof, is look at past papers.
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00:04:53.759Maybe from approximately uh can I do the math 20 no 33 years ago.
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00:04:55.360No, don't be stupid.
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00:04:56.63930 something?
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00:04:57.68032 years ago.
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00:04:59.43932 years ago, there we go.
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00:05:04.720Um and we have you just paused there.
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00:05:08.560No, I wanted to ask um well, I wanted to thank Sarah for getting in touch.
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00:05:17.360And if any of you listeners have questions that you would like to ask Luke 10, you've probably missed him now, but send them in anyway.
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00:05:26.639Uh reach out to us on two luke's onesip at gmail.com and or using the text us function in the description below.
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00:05:30.879Um that's our favourite one because we can publish your comments straight onto our website.
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00:05:33.519Uh so you get a little hall of fame sort of moment, really.
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00:05:37.360Um so yeah, please do reach out, that would be much appreciated.
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00:05:41.120And um now let's jump into the past papers.
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00:05:50.000So, did you know when you invest in stocks they say that past performance is not indicative of future returns?
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00:05:53.199Is that investment advice?
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00:06:00.480Uh it's I think it's like a disclaimer, uh, just to kind of get themselves out before you throw all your money in something that's historically done well.
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00:06:01.279Yeah.
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00:06:06.800Um, which is exactly why we're looking at papers from 20 years ago.
00:06:07.199 -->
00:06:08.00030 years ago.
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00:06:08.95930 years ago.
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00:06:10.000Yeah, yeah.
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00:06:12.560Uh I I recently acquired these.
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00:06:18.480Um I was out with my uh SIPS detector.
00:06:18.720 -->
00:06:25.519I was scanning, I was scanning, um I was scanning a residential street with my SIPS detector.
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00:06:36.879Um and it started it started beeping and going crazy, and I had to had to dig up the road and I came across a a locked box um with a combination.
00:06:37.040 -->
00:06:42.560And the combination, you know, came with a little inscription next to the little combinations uh part.
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00:06:52.319It said um find the tallest mountain and the smallest tree and the most ravenous river.
00:06:52.480 -->
00:06:55.040Wait, can the river be ravenous?
00:06:55.120 -->
00:06:55.839Well it can now.
00:06:56.319 -->
00:06:57.519Rivers can be ravenous.
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00:07:15.040Um and from that I, you know, I completed a quest and I finally got the finally got the um the the combination, opened the box and inside was a whole bounty of SIPS exams.
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00:07:27.680Um it was called SIPS, however, SIPS back in those days stood for the Chartered Institute of Purchasing and Supply Management.
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00:07:31.199Uh so I suppose it's SIP'em.
00:07:32.399 -->
00:07:33.279SIPS em.
00:07:34.160 -->
00:07:35.040SIP'em.
00:07:35.600 -->
00:07:35.839SIP.
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00:07:38.879C-I-P-S M.
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00:07:41.279And A if you want to put the AND in.
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00:07:42.000Yeah, yeah.
00:07:42.399 -->
00:07:43.040SIPSAM.
00:07:43.199 -->
00:07:43.920SIPSAM.
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00:07:45.600Nice, okay.
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00:07:47.519So uh which one are we doing first?
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00:07:49.439Because we've actually got quite a few here.
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00:07:53.680We've got um May 94, what's that one?
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00:08:04.000May 95, May 97, um sorry, yeah, May May 95, and a case study from May 95.
00:08:04.800 -->
00:08:07.360Uh have you got another 94 one in your hand over there?
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00:08:08.720Yeah, I do, yeah.
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00:08:11.439Um which is quite interesting actually.
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00:08:12.720So we'll we'll dive into this.
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00:08:14.720It's set the scene, set the scene for our display.
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00:08:19.360For the module, the module is called Professional Stage International Purchasing.
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00:08:21.839Wednesday, the 18th of May 1994.
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00:08:23.360Remember what you're doing then?
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00:08:25.519No.
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00:08:26.720I don't.
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00:08:27.920Do you?
00:08:29.920 -->
00:08:31.680I was three months old.
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00:08:32.480Wow.
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00:08:39.840Um and holding this paper in my hand is so you uh this is exactly what you were doing, reading and revising the process.
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00:08:41.200I was preparing for this, yeah.
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00:08:49.919Uh sorry, I just realized by the way, that when I said it was purchasing and supply management, I was reading out the module title.
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00:08:52.720Um for the one I'm looking at.
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00:08:53.279Yeah.
00:08:53.679 -->
00:08:55.279But I'm pretty sure we saw it on something.
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00:08:55.919Yeah, here we go.
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00:08:57.840The Chartered Institute of Purchasing and Supply.
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00:08:59.519So forget the management part.
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00:09:00.399It still SIPS.
00:09:00.720 -->
00:09:02.320So just replace purchasing with procurement.
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00:09:11.440Yeah, and knowing how much these rebrands cost, I bet that that uh change of one word from procure per purchasing to procurement cost a bit as well.
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00:09:14.080Yeah, and I mean the logo doesn't look too different either.
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00:09:19.840Um so setting the scene, this module is international purchasing.
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00:09:29.919Question one is compulsory, um to be attempted by all candidates with a maximum of 50 marks, and then you have two questions from section B.
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00:09:43.919So I think there's uh one, two, three, four, five options, and you have to pick two to answer on the second question, and you're allowed three hours to get the hundred marks.
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00:10:07.440Um, we won't go into it in into that much detail, but effectively uh we've got a London UK multinational company, and it has a Canadian subsidiary, and also has a uh they're also looking to supply vault doors to South America Bank in Santiago, Chile.
00:10:08.720 -->
00:10:11.120Nice, so somewhere I potentially may be going.
00:10:11.360 -->
00:10:13.759Could be, yeah, you could visit that, see those doors.
00:10:14.240 -->
00:10:30.480Um and they're effectively saying all around how do you do invoicing between the UK, the Canadians, and then obviously into American um and kind of how can you be protective of of that situation.
00:10:30.720 -->
00:10:39.279So, for example, transportation to Chile from Canada has been estimated at less than two-thirds the cost of transportation from the UK.
00:10:40.480 -->
00:10:53.120So what they've done is uh they've the UK firm has basically awarded the work to the Canadian firm with a view to saving costs and improving lead times.
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00:10:55.360Okay.
00:10:56.000 -->
00:10:56.320Okay.
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00:11:07.120So I'm gonna read the questions, we don't have to answer them, it's just to give you a bit of a this was the kind of 50 marker that would have been probably an hour and a half of work after you've read the little case study.
00:11:07.440 -->
00:11:15.679I don't have to answer them, but if you look and see that this episode is three and a half hours long, then I would have answered it.
00:11:16.000 -->
00:11:18.559Uh so the text uses the term multinational.
00:11:18.639 -->
00:11:20.559How might we define a multinational?
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00:11:24.399And in what ways might multinationals differ from other businesses?
00:11:24.639 -->
00:11:26.080That was seven marks.
00:11:26.240 -->
00:11:28.480It's quite a big question for seven marks, I think.
00:11:28.799 -->
00:11:37.120Yeah, well I guess you again with CIPS, what hasn't changed is you need to know how to structure your responses like it's not just enough to know the knowledge.
00:11:37.360 -->
00:11:40.720Yeah, define it and then answer the question.
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00:11:46.320The UK office and the Canadian office will come to some suitable pricing arrangement, we are told.
00:11:46.559 -->
00:11:53.120What do you understand by the term transfer pricing and what are the significant factors involved in transfer pricing in your view?
00:11:53.440 -->
00:11:54.399Seven marks.
00:11:54.799 -->
00:11:55.120Okay.
00:11:56.080 -->
00:12:08.399What terms and conditions of contract would typically need to be included in a contract of purchase from a purchaser from overseas, which would not normally be included in contract of sale or purchase in a domestic contract.
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00:12:09.279Brackets.
00:12:09.600 -->
00:12:15.039Marks will not be awarded for discussion on topics which would usually be included in domestic contracts anyway.
00:12:17.759 -->
00:12:19.440So you really have to know the difference there.
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00:12:20.960That's 18 marks.
00:12:21.759 -->
00:12:27.200And then if you were the buyer for the final customer, the Banco del Sud, what measures would you take?
00:12:29.840 -->
00:12:31.840Banco del Sud, mate.
00:12:32.240 -->
00:12:33.440Come on, geezer.
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00:12:46.559Uh what measures would you take to be certain of receiving precisely the goods that the bank wants on time, properly fitted and effective, and in good working order for the foreseeable future, as originally promised by the salesperson from Millwood.
00:12:49.039 -->
00:12:53.360Uh I suspect that's like warranties and guarantees and good things like that.
00:12:53.840 -->
00:12:55.759OCIF uh KPI, maybe.
00:12:56.000 -->
00:12:57.440Maybe KPIs, yeah.
00:12:57.679 -->
00:13:03.279And then so that's the they're the compulsory questions, so I'll come back to that in a second.
00:13:03.360 -->
00:13:07.200And then the section B, which is to pick two of these questions.
00:13:07.360 -->
00:13:12.000Uh discuss the latest developments with regard to international purchasing in one of the following.
00:13:12.320 -->
00:13:15.759G A T T or the European Union.
00:13:17.200 -->
00:13:18.080Next one.
00:13:18.320 -->
00:13:21.919Barter, compensation, and buyback are different forms of countertrade.
00:13:22.080 -->
00:13:27.360Explain how each type operates and describe the circumstances in which each form might be appropriate.
00:13:29.279 -->
00:13:37.600Explain the distinctions between custom duties, excise duties, and agricultural levies, giving examples as appropriate.
00:13:40.799 -->
00:13:43.120So my reflection, is that all the questions?
00:13:43.279 -->
00:13:45.600There's another two, but they really are, they're really long.
00:13:45.919 -->
00:13:46.720Okay, okay.
00:13:46.960 -->
00:13:49.840So I I don't know if you feel the same.
00:13:50.080 -->
00:14:02.799Um, it seems a little bit, and or maybe this is a thing in level six, but to kind of have two possible options for questions that you can answer, but you don't have to answer them both.
00:14:02.960 -->
00:14:23.600I don't know, I don't know how I feel about that because it seems a bit like not only do you have to think, you know, you have to you have to go through all the all the exam stress, um answer the what was it, 50 marks before you then have to sort of, I suppose, half think about an answer for both of them and then decide.
00:14:23.919 -->
00:14:37.279It kind of seems like they're playing with you a little bit, going, oh, these are the two ones you could answer, but you can only do one, or so I think the first question, so the four big questions I read off there is 50 marks broken down into four tasks, basically.
00:14:37.440 -->
00:14:37.840Right.
00:14:38.080 -->
00:14:45.519The second section, section B, you're picking two questions to answer for 25 marks each out of four questions.
00:14:45.919 -->
00:14:47.440Uh five questions, sorry.
00:14:47.759 -->
00:14:57.200So pick you've got five questions you can choose from, and the one on the back is the chart the SIPS has recently debated changes to the ethical code of the SIPS.
00:14:57.360 -->
00:15:04.480One of areas looked at for change was the practical practicability of applying an ethical code to all situations worldwide.
00:15:04.639 -->
00:15:08.639Should ethics remain constant irrespective of geographical location?
00:15:09.440 -->
00:15:10.799It's quite a good question, actually.
00:15:11.039 -->
00:15:12.399Probably still quite relevant.
00:15:13.039 -->
00:15:20.159Yeah, they they do seem quite difficult, but maybe that's because we haven't prepared directly for these.
00:15:21.039 -->
00:15:24.879Yeah, I mean, some of the stuff in there is definitely still still valid.
00:15:25.360 -->
00:15:25.679Yeah.
00:15:26.080 -->
00:15:38.000But I don't remember in my whole SIP journey seeing such an emphasis on um the kind of def definitions of certain certain things.
00:15:39.279 -->
00:15:51.679So transfer pricing, for example, or um, barter compensation and buyback being forms of counter trade, and how do you then find them and where do you apply them?
00:15:52.399 -->
00:15:53.759Yeah, yeah.
00:15:54.240 -->
00:16:05.679So I mean maybe we should we should um talk about another option before we then talk about what SIPS currently is and compare the two.
00:16:05.919 -->
00:16:14.240So just to quickly go over the case study section from uh Wednesday the 17th of May 1995.
00:16:14.639 -->
00:16:21.360Um I've been provided with the case study document uh for a company called Ledger Life.
00:16:21.519 -->
00:16:24.720Um a fictional company that that SIPS has made up.
00:16:24.879 -->
00:16:28.080It's how many pages this this seems like quite a lot of pages.
00:16:28.639 -->
00:16:29.039Wow.
00:16:29.360 -->
00:16:36.159Maybe 15 to 20 pages of uh of case study, and then the back two are blank.
00:16:36.240 -->
00:16:39.919But um let's say let's say about 15 pages for case studies.
00:16:40.159 -->
00:16:42.879Uh it's got a lot of information in there.
00:16:43.279 -->
00:16:53.679I don't know what the structure was, I didn't if you got this in advance of the exam and had to sort of revise it, but there's lots of things in there like an analysis of procurement.
00:16:53.840 -->
00:17:00.159Um and so for example, analysis of procurement.
00:17:00.320 -->
00:17:20.799Uh uh someone, a consultant came in to do uh a wide-ranging survey of procurement practices within Leisure Life, and then there's about three pages, maybe four pages, of of findings that this imaginary consultant came up with.
00:17:21.039 -->
00:17:27.839Um it seems quite comprehensive this this uh this case study.
00:17:28.160 -->
00:17:32.079So I I'm gonna assume that you you were given this in advance of the.
00:17:32.240 -->
00:17:37.440I would I mean there's a lot of notes on it from whoever you your source is or the treasure box.
00:17:37.599 -->
00:17:40.720So it's some some written notes as they're going through it.
00:17:40.799 -->
00:17:42.000So indeed, yeah.
00:17:42.160 -->
00:17:42.400Yeah.
00:17:43.119 -->
00:17:53.920And then once you get to the question, it's a similar story in terms of three-hour um through time allowed three hours, and all questions carry equal marks, so there's four on here.
00:17:54.160 -->
00:18:00.799Um in what ways can the chairman of Leisure Life improve the purchasing operations as detailed in the case study?
00:18:00.960 -->
00:18:07.440Discuss the techniques and their application that could be specifically related to Leisure Life so that the company becomes profitable.
00:18:07.680 -->
00:18:23.200From a logistics point of view, what developments are important if Leisure Life is to reduce its cost levels and what negotiating strategies should be employed in dealing with some of the specific contractual problems that exist within the company.
00:18:23.759 -->
00:18:24.079Okay.
00:18:24.400 -->
00:18:28.319Again, seems like quite maybe this is like a final like a big.
00:18:28.559 -->
00:18:34.240Yeah, like our our version of the I don't know what's the last tips one, module eight, or another.
00:18:34.559 -->
00:18:35.839Ah, I can't remember to pronounce.
00:18:36.000 -->
00:18:40.000If you're doing level four, then it's equivalent to L4M8.
00:18:40.400 -->
00:18:42.960Um we've got some here.
00:18:43.039 -->
00:18:54.960I don't know if this is the full set of the professional stage exams, but to go through the topic titles, um we've got international purchasing, as you said, Luke.
00:18:55.039 -->
00:19:00.000Um planning, policy, and organisation.
00:19:00.319 -->
00:19:06.480Purchasing and supply management uh dash legal applications and logistics.
00:19:06.960 -->
00:19:09.200Then this last one is case study.
00:19:09.680 -->
00:19:13.920So they're all written as well, yeah.
00:19:14.000 -->
00:19:14.880If you've noticed that.
00:19:16.480 -->
00:19:21.440And if you compare that to this is the professional stage.
00:19:21.839 -->
00:19:27.440So I've got up the level five and six uh modules.
00:19:28.240 -->
00:19:58.799Level five is uh managing teams of and individuals, so there's sorry, there's five compulsory, managing teams and individuals, managing supply chains, managing contractual risk, advanced contract and financial management, managing ethical procurement and supply, and then three of the following category management, achieving competitive advantages through the supply chain, product and change management, operations management, logistics management, and advanced negotiation.
00:19:58.960 -->
00:20:01.839So those are the level five modules.
00:20:02.079 -->
00:20:06.400Um how do you think they compare?
00:20:07.440 -->
00:20:10.720Well, I've got to be honest, I'm glad we've got laptops now.
00:20:10.960 -->
00:20:13.440Uh it feels like these are quite comprehensive.
00:20:14.559 -->
00:20:32.319They I mean the case study example you gave does feel quite similar to some of the things I've seen in in the written essays because you do get a kind of written, well, you get a case study and then they kind of hint at some of the solutions and then you have to go into further detail.
00:20:32.880 -->
00:20:38.960Um but some of these look brutal to be fair, if I'm being honest.
00:20:39.279 -->
00:20:40.400Yeah, agreed.
00:20:41.039 -->
00:20:41.839Agreed, Ed.
00:20:42.000 -->
00:20:57.680I as we say I don't know if this was everything for uh from start to finish, but what is here is is quite difficult and well, maybe we should say comprehensive is a better way to describe it, uh, especially the case study.
00:20:57.839 -->
00:21:02.559There's loads of information about leisure life in there which they may not even ask about.
00:21:02.880 -->
00:21:08.160Um so I'm glad I did my assignment route in comparison to this.
00:21:09.200 -->
00:21:20.960Yeah, well, I I think the one thing that looks quite clear is that if you do smash all of these exams, you're probably quite knowledgeable when abroad.
00:21:21.279 -->
00:21:22.240Definitely, yeah.
00:21:22.400 -->
00:21:25.759Well set for life.
00:21:26.240 -->
00:21:27.200I mean human.
00:21:27.519 -->
00:21:31.200I'm just gonna whip out the logistics.
00:21:31.279 -->
00:21:32.480Uh not the where is it?
00:21:32.640 -->
00:21:33.839The legal one.
00:21:34.000 -->
00:21:40.640Because that was I saw some things in there and I was like, this is um this is interesting.
00:21:44.640 -->
00:21:45.920It's actually quite good.
00:21:46.079 -->
00:21:51.759Um when does the contract become binding on the parties?
00:21:53.200 -->
00:21:59.680What does the term timers of the essence mean, and what effect would this have upon a contract, in particular upon the rights?
00:22:00.240 -->
00:22:01.119The parties?
00:22:04.319 -->
00:22:11.200What effect will supplier shortages have upon its choice its chances of enforcing a particular clause that it's referencing?
00:22:11.519 -->
00:22:14.400What is the legal definition of liquidated damages?
00:22:14.640 -->
00:22:18.720And how may the courts view the clause in these terms?
00:22:19.599 -->
00:22:26.480What are the advantages and disadvantages of using liquidated damages clauses rather than relying upon the courts to assess damages?
00:22:34.240 -->
00:22:42.720And then you start to go on how is unfair competition controlled within the United Kingdom and how does this differ from the protection available under the Treaty of Rome?
00:22:43.039 -->
00:22:43.599Wow.
00:22:44.880 -->
00:22:57.200I guess that's maybe that's something that you learn as in if I never knew what sorry, if I didn't know what Portus Fire Forces was and someone asked me about that, that would seem quite complicated to me.
00:22:58.400 -->
00:23:08.799Yeah, I mean, if the end goes like if an employer seeks to restrain an employee from working for a competitor when he or she leaves, how may he do this and what legal pitfalls must he be aware of?
00:23:09.200 -->
00:23:24.720Like some of the stuff in here is things that I would go to a legal contact for support and guidance on as opposed to knowing myself, which obviously I'd love to know more about, but didn't realise it was within our kind of remit, so maybe that's just a shift of how the professions change.
00:23:25.039 -->
00:23:39.440I was gonna say, do you think SIPs maybe strategically are thinking that we need more, we need to widen the potential base of people that can do our exams to get more get more funds in.
00:23:39.759 -->
00:23:41.200Let's make it easier.
00:23:41.359 -->
00:23:43.119Uh I don't know, because this seems quite hard.
00:23:43.200 -->
00:23:55.279But or maybe as you say, the focus as to what I suppose it was purchasing back in the day, so probably a lot more of it was focused on um kind of the legal side, contracting.
00:23:55.519 -->
00:23:57.279Yeah, I'm sure there's a bit on negotiation.
00:23:57.440 -->
00:24:01.200No, was that the that's the current one where there's negotiation and category management, isn't there?
00:24:01.440 -->
00:24:07.200And yeah, what's potentially interesting is there's a massive focus right now on category management, isn't there?
00:24:07.519 -->
00:24:13.759And there's nothing on category management in in the 1993, four, and five exams.
00:24:13.920 -->
00:24:18.880Um the other thing that's missing is stakeholder management.
00:24:19.039 -->
00:24:26.720I haven't seen any reference across the six, seven papers where we where we're looking at the importance of stakeholder management.
00:24:27.359 -->
00:24:32.160Um again, probably a shift of the profession and where it's moving towards.
00:24:32.480 -->
00:24:58.720Maybe or also maybe it's the copies or the exams that we have, but yeah, as we say, it's quite purchasing heavy, it's quite legal heavy, it's quite logistics heavy in comparison to procurement sided, which is more about kind of uh category management, stakeholder engagement, slash management, uh and project project T kind of stuff.
00:24:59.039 -->
00:25:01.680We've got some some Latin in here as well.
00:25:01.839 -->
00:25:05.440Explain the principle of ubermi fede.
00:25:06.160 -->
00:25:08.079Probably butchered that, uberimi fede.
00:25:09.599 -->
00:25:10.160Yeah.
00:25:11.359 -->
00:25:12.079See it there.
00:25:12.480 -->
00:25:13.200Okay, nice.
00:25:13.440 -->
00:25:15.200Uh you do you know what that is?
00:25:15.519 -->
00:25:16.400No idea.
00:25:17.119 -->
00:25:25.680Uh but our good old trusty friend Google says it is a Latin term meaning utmost good faith.
00:25:26.240 -->
00:25:26.559Okay.
00:25:26.960 -->
00:25:36.799So if that's in a I could guess and say if that's in a contract, then the supplier's gotta perform to what's the word we would use nowadays?
00:25:37.039 -->
00:25:39.119Um In accordance with good faith, probably.
00:25:39.440 -->
00:25:47.839We don't we sometimes be um uh like best endeavours or something, they've gotta fix it to best endeavours.
00:25:48.079 -->
00:25:48.400Yeah.
00:25:48.559 -->
00:26:00.880Um so I think this might be so it says uh most notably used in insurance, requiring parties to fully and truthfully disclose all material facts.
00:26:00.960 -->
00:26:01.440Right, right.
00:26:01.680 -->
00:26:06.079Even if not asked, with failure to do so potentially voiding the whole contract.
00:26:06.400 -->
00:26:15.359This creates a higher standard than typical contracts where the principle of caveat emptor brackets let the buyer be aware usually applies.
00:26:15.759 -->
00:26:17.920That's probably the only Latin I know.
00:26:18.559 -->
00:26:31.519Um so yeah, I mean if you did uh take your sips back in the 90s and you can shed some light on how it was or even in the early 2000s could be interesting as well.
00:26:31.680 -->
00:26:34.240Uh please feel free to get in touch.
00:26:34.480 -->
00:26:38.319Our email address is 2lukes1sip at gmail.com.
00:26:38.400 -->
00:26:44.160That's the number two, Luke's plural, the number one, cip at gmail.com.
00:26:44.319 -->
00:26:53.920Uh as I believe we said earlier, you can also slide directly into our DMs or directly onto our website, however you want to see it, uh, with a text us button in the link.
00:26:54.000 -->
00:26:57.599Sorry, the text us link in every description of every episode.
00:26:58.079 -->
00:27:03.119And also we've got an Instagram, let's underscore talk underscore procurement.
00:27:03.599 -->
00:27:04.079Yes.
00:27:04.319 -->
00:27:12.720Oh, just before we wrap up, I want to shout out to those who keep trying to request guests or add guests to our podcast because that is driving my nut in.
00:27:12.960 -->
00:27:13.359Agreed.
00:27:13.519 -->
00:27:14.319I'll tell you why.
00:27:14.480 -->
00:27:16.960Because they're like, oh, we've got a great guest for your show.
00:27:17.119 -->
00:27:21.759Uh a, they probably haven't listened to the show, and B, they think we're gonna pay to have a guest on our show.
00:27:21.839 -->
00:27:22.640Are they joking?
00:27:22.960 -->
00:27:32.880And what what annoys me more is they'll send an email in saying, just following up for the fifth time to check if you're No mate, if I didn't respond to the first four times, I probably didn't want your guest.
00:27:33.200 -->
00:27:33.759Yeah.
00:27:34.000 -->
00:27:39.599Um imagine doing that cold calling for guests on a podcast, hoping that they will get money for it.
00:27:39.920 -->
00:27:40.400Yeah.
00:27:41.920 -->
00:27:43.359I know, and they're coming to us.
00:27:44.240 -->
00:27:49.759We we should be we should be getting money for having people on our podcast.
00:27:49.920 -->
00:27:50.799Well, that's what I think.
00:27:50.880 -->
00:27:54.079I think anyone who's had a platform is is lucky to have come on here, to be honest.
00:27:54.319 -->
00:27:54.960Yeah.
00:27:56.079 -->
00:27:57.519That stops now.
00:27:57.839 -->
00:27:58.720It does indeed.
00:27:58.799 -->
00:28:00.000As does this show.
00:28:00.240 -->
00:28:00.799See you later.
