What is a Deemed Accepted Contract?
The prices on a deemed accepted contract are considerably higher than contracts of a longer term give that your suppliers buying or trading position will be subjected to short term pricing which is more costly. This contract does not require a signature from you to form the acceptance. This is the last resort contract procedure if you have previously been on a fixed term contract, and a supplier should give you plenty of notice and remind you that it would be in your best interest to sign a longer-term fixed price contract. Please note that a contract termination notice of up to 3 months can still apply on a deemed contract.
Related Questions
- If the contract identifies exhibits, do they need to be attached to the contract before the contract is deemed complete and valid?
- How do I determine the labour portion of a contract when hiring deemed workers and defaulting subcontractors?
- What happens if any of my contracts are deemed ‘inside of IR35’ (i.e. fails the contract review)?
