DOCSLIB.ORG

Commercial Management

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Commercial Management Commercial Management: Commercial Commercial Management: theory and practice defines the role of commercial management within project-oriented organisations, providing a framework for and helping to develop a critical understanding of the factors that influence commercial management practice. It also identifies generic aspects of this practice and provides a theoretical foundation to these activities, by reference to existing and emergent theories and concepts, as well as to relevant management best practice. The book is structured into four parts: Part 1 Introduction – Commercial Management in Project Environments explores the nature of commercial practice within project- oriented organisations at the buyer-seller interface. It presents a Commercial Management framework, which illustrates the multiple interactions and connections between the purchaser‘s procurement cycle and a supplier‘s bidding and implementation cycles. Additionally, it outlines the principle activities undertaken by the commercial function, identifies the skills and abilities that Commercial support these activities and reviews the theories and concepts that underpin commercial practice. Finally, it identifies areas of commonality of practice with other functions found within project-oriented organisations, plus sources of potential conflict and misunderstanding. Management: Part 2 – Elements of Commercial Theory and Practice covers commercial leadership; exploring strategy; risk and uncertainty management; financial decision-making; and key legal issues. Part 3 – Approaches to Commercial Practice addresses best theory and practice theory theory and practice practice management; and commercial and contracting strategies and tactics. Finally, Part 4 – Case Studies offers two extended case studies: Football Stadia (the David Lowe Millennium Stadium, Cardiff; the Emirates Stadium, Islington; and Wembley Stadium, London); and Heathrow Terminal 5. The book provides a one-stop-shop to the many topics that underpin commercial management practice from both a demand (buy-side) and a supply (sell-side) perspective. It will help develop an understanding of the issues influencing commercial management: leadership, strategy, risk, financial, legal, best practice management and commercial and contracting strategy and tactics. This book’s companion website is at www.wiley.com/go/lowecommercialmanagement and offers invaluable resources for both students and lecturers: r PowerPoint slides for lecturers on each chapter r Sample exam questions for students to practice r Weblinks to key journals and relevant professional bodies Lowe bs ISBN 978-1-4051-2468-3 e ite w h t i 9 781405 124683 w 9781405124683.indd 1 05/04/2013 09:20 Commercial Management theory and practice David Lowe Senior Lecturer in Commercial Management Manchester Business School The University of Manchester A John Wiley & Sons, Ltd., Publication This edition first published 2013 © 2013 David Lowe Registered Office John Wiley & Sons, Ltd, The Atrium, Southern Gate, Chichester, West Sussex, PO19 8SQ, United Kingdom. Editorial Offices 9600 Garsington Road, Oxford, OX4 2DQ, United Kingdom. The Atrium, Southern Gate, Chichester, West Sussex, PO19 8SQ, United Kingdom. For details of our global editorial offices, for customer services and for information about how to apply for permission to reuse the copyright material in this book please see our website at www.wiley.com/wiley-blackwell. The right of the author to be identified as the author of this work has been asserted in accordance with the UK Copyright, Designs and Patents Act 1988. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, except as permitted by the UK Copyright, Designs and Patents Act 1988, without the prior permission of the publisher. Designations used by companies to distinguish their products are often claimed as trademarks. All brand names and product names used in this book are trade names, service marks, trademarks or registered trademarks of their respective owners. The publisher is not associated with any product or vendor mentioned in this book. Limit of Liability/Disclaimer of Warranty: While the publisher and author(s) have used their best efforts in preparing this book, they make no representations or warranties with respect to the accuracy or completeness of the contents of this book and specifically disclaim any implied warranties of merchantability or fitness for a particular purpose. It is sold on the understanding that the publisher is not engaged in rendering professional services and neither the publisher nor the author shall be liable for damages arising herefrom. If professional advice or other expert assistance is required, the services of a competent professional should be sought. All reasonable attempts have been made to contact the owners of copyrighted material used in this book. However, if you are the copyright owner of any source used in this book which is not credited, please notify the Publisher and this will be corrected in any subsequent reprints or new editions. Library of Congress Cataloging-in-Publication Data Commercial management : theory and practice / David Lowe. p. cm. Includes bibliographical references and index. ISBN 978-1-4051-2468-3 (pbk.) 1. Purchasing. 2. Industrial procurement. 3. Contracting out. 4. Public contracts. 5. Project management. I. Lowe, David HF5437.C59 2013 658–dc23 2012037468 A catalogue record for this book is available from the British Library. Wiley also publishes its books in a variety of electronic formats. Some content that appears in print may not be available in electronic books. The publisher and the author make no representations or warranties with respect to the accuracy or completeness of the contents of this work and specifically disclaim all warranties, including without limitation warranties of fitness for a particular purpose. No warranty may be created or extended by sales or promotional materials. The advice and strategies contained herein may not be suitable for every situation. This work is sold with the understanding that the publisher is not engaged in rendering legal, accounting, or other professional services. If professional assistance is required, the services of a competent professional person should be sought. Neither the publisher nor the author shall be liable for damages arising herefrom. The fact that an organization or Website is referred to in this work as a citation and/ or a potential source of further information does not mean that the author or the publisher endorses the information the organization or Website may provide or recommendations it may make. Further, readers should be aware that Internet Websites listed in this work may have changed or disappeared between when this work was written and when it is read. Cover design by Andy Magee Cover image courtesy of rosevita (www.morguefile.com) Set in 9/11.5pt Avenir by SPi Publisher Services, Pondicherry, India 1 2013 To Ruth, with love and to the memory of Josephine Alice Lowe 1934–2009 Contents About the Author vii About the Contributors viii Acknowledgements x Preface xii Abbreviations xiv PART 1: INTRODUCTION 1 Introduction: Commercial Management 3 1. Commercial Management in Project-Oriented Organisations 23 PART 2: ELEMENTS OF COMMERCIAL PRACTICE AND THEORY 77 2. Commercial Leadership 79 Maria-Christina Stafylarakis 3. Exploring Strategy 96 Irene Roele 4. Perspectives on Managing Risk and Uncertainty 108 Eunice Maytorena 5. Financial Decisions 132 Anne Stafford 6. Legal Issues in Contracting 173 David Lowe and Edward Davies PART 3: AppROACHES TO COMMERCIAL PRACTICE 237 7. Best-Practice Management 239 8. Commercial Strategies and Tactics 288 Part A: Intent 296 Part B: Deal Creation 332 Part C: Execution 359 v vi Contents PART 4: CASE STUDIES 379 Case Study A: Football Stadia 381 Case Study B: Terminal 5 (T5) Heathrow 455 Index 492 This book’s companion website is at www.wiley.com/go/ lowecommercialmanagement and offers invaluable resources for both students and lecturers: ● PowerPoint slides for lectures on each chapter ● sample exam questions for you to practise ● weblinks (for each chapter and for the whole book) to key journals, and to relevant academic and professional bodies About the Author Dr David Lowe Manchester Business School David Lowe is a Senior Lecturer in Commercial Management in the Executive Education Centre of Manchester Business School. He is Programme Director for the blended learning MSc in International Commercial and Contract Management and for several executive education programmes in commercial and contract management. Clients include Rolls-Royce, BAE Systems, Thales, BT, the National Skills Academy Nuclear, and the Foundation Trust Network (NHS). David is a Fellow of the Royal Institution of Chartered Surveyors, a Fellow of the Higher Education Academy and an academic adviser to the International Association for Contract and Commercial Management (IACCM). His consultancy work includes benchmarking the engineering and project management provision of an international pharmaceutical company. His teaching interests include: commercial management, commercial strategies and tactics, and contract management. Similarly, his research interests focus on commercial and contract management within the context of project-based industries, ranging from ICT/telecommunications to aerospace and defence. Completed research projects
Load more

Recommended publications
  • Procurement & Commercial Management Services
    Procurement & Commercial Management Services Background How We Can Help With global economic pressures hitting The commercial community in Network programmes and tight control of scope the rail industry as hard as any other rail has developed tried and tested and cost change. sector, there has been in recent years methods of maintaining all these Reviews of completed contracts are an increasing focus towards the supply considerations in every step of the undertaken to ensure lessons learned chain to gain efficiencies and to deliver procurement process. Starting with a are fed back into future procurements maximum value for every pound spent. well managed community of suppliers to make sure an environment of with whom time is invested to develop continuous improvement drives Of course, with a growing demand and relationships, measure performance everything we do. a high degree of visibility there is no and manage outcomes. room for compromise – therefore cost savings must be real; safety and quality Great attention is paid to commercial cannot be diluted, innovation must considerations at the early stages of be encouraged and investment must a project, ensuring the strategy that is continue. formed will enable the procurement to be undertaken effectively. Professional The Challenge teams then balance experience and rigorous process to invite and evaluate The challenge for supply chain robust tenders. professionals is to balance the Mature relationships with suppliers demands of safety, quality, reliability, facilitate meaningful negotiations performance, timeliness and to ensure clarity behind the range of sustainability – whilst reducing costs, pricing and evaluating models used to increasing value and maintaining arrive at contract solutions.
    [Show full text]
  • Strategy, Trends & Experience IT in PRACTICE 2013
    Business Technology: Strategy, Trends & Experience IT IN PRACTICE 2013 ENSURE PROFITABILITY AND HANDLE PROJECT RISKS BY ESTABLISHING A CONTRACT & COMMERCIAL MANAGEMENT FUNCTION Most large businesses today are aware that their organisations need a contract and com- mercial management function to realise benefits and avoid non-performing projects. A business can implement such a function in the existing organisation or establish a new, independent organisational unit. Having a solid contract and commercial management process creates a support platform for a company’s ordinary financial, deliverables-related and legal reporting and processes, while also ensuring that new IT purchases and projects can be based on experience generally lost during the term of the contract. IT in practice last year documented a clear-cut connection between on the one hand a high level of maturity in benefit realisation and the ability to carry out organisational changes when new technology is introduced, and on the other the business-related bene- fits of IT investments. Contract and commercial management can help organisations to realise contract benefits, and, if none materialise, ensure that management is informed accordingly. A contract and commercial management function and process can provide a documented decision-making basis for management as well as a level of factual informa- tion otherwise impossible. The ad hoc involvement of assorted organisational units in the various phases of a contract cycle and performance can blur the objectivity of the reports submitted to management. Many enterprises have already realised the strategic importance of having the right gov- ernance and processes in place for the contractual and commercial matters related to their business areas.
    [Show full text]
  • Excellence Commercial Property (6989
    24 Nov 2020 CMB International Securities | Equity Research | Coverage Initiation Excellence Commercial Property (6989 HK) BUY (Initiation) Trio growth engines Target Price HK$13.34 Up/Downside +34.8% Founded in 1999 and having market reputation and a premium brand, Excellence Current Price HK$9.90 Commercial Property & Facilities Management Group Limited (ECM) focuses on providing commercial property management services. We believe its future earnings will be driven by managed GFA expansion, commercial property China Property Service Sector management fees hike and VAS business expansion. Our Target Price is HK$13.34, equivalent to 28x 21E P/E. Initiate with BUY rating. Bowen Li (852) 3657 6239 Leading commercial property management service provider in Greater [email protected] Bay Area. As of 31 May 2020, the Company had 331 projects in 34 cities under management with an aggregate GFA of 25.8mn sq m. In 2019, Samson Man, CFA commercial properties made up 52.3% of total GFA under management, and (852) 3900 0853 75.9% of total revenue from property management. The Company’s [email protected] continuous growth has also been supported by Excellence Group. As of 31 May 2020, the Company managed 45 projects developed by Excellence Stock Data Group with an aggregate GFA of 10.7mn sq m, accounting for approximately Mkt Cap (HK$ mn) 12,103 Avg 3 mths t/o (HK$ mn) N.A. 41.6% of the GFA under the Company’s management. 52w High/Low (HK$) 12.04/9.65 Business expansion plans. Geographically speaking, ECM plans to focus Total Issued Shares (mn) 1,222 on the Great Bay Area and the Yangtze River Delta Region and enhance its Source: Bloomberg penetration in other regions in China.
    [Show full text]
  • Commercial Management
    commercial management SERVICES CREATING VALUE BEYOND REAL ESTATE FULLY INTEGRATED REAL ESTATE SOLUTIONS At Friedman Integrated Real Estate Solutions, our primary goal is to be the best full service real estate company within the markets we operate. To this end, we employ the most talented industry professionals and invest in the most advanced technologies to ensure superior results for every real estate assignment. We offer a proven track- record of success delivering a single, one-stop resource with forward-thinking solutions to align your real estate needs with your business objectives. Friedman’s professionals offer expertise in all aspects of commercial real estate, from leasing, buying, selling, managing and valuing properties, to providing strategic planning, research, analysis and more. NATIONAL FOOTPRINT We manage over 140 properties encompassing 8,000 apartment homes and 16 million square feet of commercial space across the country. In addition, our brokerage division has over 800 current listings for lease or sale, totaling more than 100 million square feet of commercial space and investment properties. TEAM APPROACH Friedman utilizes a team approach for every assignment. With our integrated services lines, we are sure to have the assignment covered from every angle. Our brokers will work in conjunction with the regional property manager, accounting, human resources, risk management, information technology, construction, legal and marketing to help clients achieve their goals. While each department allocates time to a given project, you will have a single point of contact to provide timely responses and thorough updates on a regular basis. GOAL ORIENTED Our brokerage team works closely with our clients to set goals and commit the necessary resources to provide a superior level of service.
    [Show full text]
  • Commercial Management and Financing of Roads (1998)
    WORLD BANK TECHNICAL PAPER NO. 409 Work in progress for public discussion Commercial Management and Financing of Roads Iann G Heggie Piers Vickers RECENT WORLD BANK TECHNICAL PAPERS No. 334 Mosse and Sontheimer, PerformanceMonitoring Indicators Handbook No. 335 Kirmani and Le Moigne, FosteringRiparian Cooperation in InternationalRiver Basins:The World Bankat Its Best in DevelopmentDiplomacy No. 336 Francis, with Akinwumi, Ngwu, Nkom, Odihi, Olomajeye, Okunmadewa, and Shehu, State, Community, and LocalDevelopment in Nigeria No. 337 Kerf and Smith, PrivatizingAfrica's Infrastructure: Promise and Change No. 338 Young, MeasuringEconomic Benefits for WaterInvestments and Policies No. 339 Andrews and Rashid, The Financingof PensionSystems in Centraland EasternEurope: An Overviewof Major Trendsand TheirDeterminants, 1990-1993 No. 340 Rutkowski, Changesin the WageStructure during EconomicTransition in Centraland EasternEurope No. 341 Goldstein, Preker, Adeyi, and Chellaraj, Trendsin HealthStatus, Services,and Finance:The Transitionin Central and EasternEurope, Volume I No. 342 Webster and Fidler, editors, Le secteurinformel et lesinstitutions de microfinancementen Afrique de l'Ouest No. 343 Kottelat and Whitten, FreshwaterBiodiversity in Asia, with SpecialReference to Fish No. 344 Klugman and Schieber with Heleniak and Hon, A Survey of Health Reformin CentralAsia No. 345 Industry and Mining Division, Industry and Energy Department, A Mining Strategyfor LatinAmerica and the Caribbean No. 346 Psacharopoulos and Nguyen, The Roleof Governmentand the PrivateSector in Fighting Poverty No. 347 Stock and de Veen, ExpandingLabor-based Methodsfor RoadWorks in Africa No. 348 Goldstein, Preker, Adeyi, and Chellaraj, Trendsin Health Status, Services,and Finance:The Transitionin Central and EasternEurope, Volume 11, Statistical Annex No. 349 Cummings, Dinar, and Olson, New EvaluationProceduresfor a New Generationof Water-RelatedProjects No.
    [Show full text]
  • Agricultural Co-Operative Managers
    University of Reading Department of Agricultural Economics 8c Management AGRICULTURAL CO-OPERATIVE MANAGERS A pilot study of the recruitment and training of the managers of U.K. agricultural co-operatives 11:>, F. D. MILLS 40,6 ‘71. Miscellaneous Study No.65 1978 Price £1.00 University of Reading Department of Agricultural Economics & Management AGRICULTURAL CO-OPERATIVE MANAGERS A pilot study of the recruitment and training of the managers of U.K. agricultural co-operatives F. D. Mills Miscellaneous Study No. 65 1978 Price E1.00 0 7049 0680 5 ACKNOWLEDGal int TS would like to acknowledge with gratitude, the assistance of the following:- The Central Council for Agricultura3. and Horticultural Co-operation for their financial support. Officers of the Central Council - particularly those chiefly responsible for Co-operative Planning, Training and Development. , The chief executives who together with their colleagues gave so generously of their time in interview and questionnaire completion. Colleagues in the Department of Agricultural Economics and Management at the University of Reading - for help in data recording, typing and publication of the final report. Readers will appreciate that the views expressed in this publication are those of the author and. not necessarily to be regarded as those of the Department as a whole nor of the University. CONMNTS Page I. Introduction Co-operative Manages as people: education, training and employment history 3 Job Description 18 IV. Job Evaluation 27 V. Recruitment 33 VI. Summary and implications for the future 41 References 46 Appendices A. The Questionnaire and accompanying letters) 47 B. The Sample 55 C. Additional Tables 57 D.
    [Show full text]
  • Lean Commercial Management: Defining the Borders of the Discipline in the Construction Industry
    601 LEAN COMMERCIAL MANAGEMENT: DEFINING THE BORDERS OF THE DISCIPLINE IN THE CONSTRUCTION INDUSTRY Daria Zimina1, Christine L. Pasquire2 ABSTRACT Commercial management is defined by the Institute of Commercial Management as ―the identification and development of business opportunities and the profitable management of projects and contracts, from inception to completion.‖ It addresses companies‘ internal and external relationships and thus plays an enormously important role in construction, which in essence is an inter-organisation industry. Construction projects require the contribution of multiple actors each of them representing a separate business entity with their own goals and incentives. Commercial management is the discipline that supports communication between all these individual bits. This inevitably puts it in a position to affect company profitability and long-term business success in a fast and dramatic way. Commercial management relates both to the policy of the company, or how it intends to deliver a project, plans its relationship with other organisations; and to operations (contracting, procurement, money flow and accounting), or how this policy is put in practice. In the developing lean construction industry good intentions are rarely supported by changes in the commercial operations. The projects are completed with lean principles but worked around habitual accounting, contracts and in many cases even procurement. Reliance on these commercial operations might hamper full exploration of lean benefits. This paper addresses the following questions: what is the relation between commercial management and project delivery? Is lean commercial management a necessary part of lean construction? If lean commercial management has to be implemented, what should it be like? The hypotheses tested in this paper suggests that (1) lean construction is a viable choice of commercial strategy (2) lean commercial management is an integral part of lean construction system subordinate to the project delivery.
    [Show full text]
  • Commercial and Contract Management Insights and Emerging Best Practice
    Commercial and contract management: insights and emerging best practice November 2016 If you would like to know more about the National Audit Office’s Commercial and Contracting programme of work, please contact: Joshua Reddaway Director, Commercial and Contracting VFM [email protected] 020 7798 7938 The National Audit Office team for this work consisted of: Andrew Denney, Iain Forrester, Catriona Sheil, Fedra Vanhuyse, David Wilson, and Emma Willson, under the direction of Joshua Reddaway. The National Audit Office (NAO) scrutinises public spending for Parliament and is independent of government. The Comptroller and Auditor General (C&AG), Sir Amyas Morse KCB, is an Officer of the House of Commons and leads the NAO. The C&AG certifies the accounts of all government departments and many other public sector bodies. He has statutory authority to examine and report to Parliament on whether departments and the bodies they fund have used their resources efficiently, effectively, and with economy. Our studies evaluate the value for money of public spending, nationally and locally. Our recommendations and reports on good practice help government improve public services, and our work led to audited savings of £1.21 billion in 2015. Design & Production by NAO External Relations DP Ref: 11318-001 © National Audit Office 2016 Foreword What is this? As government has reacted to these Who is it for? This interactive publication draws on scandals, it has also come to appreciate In this publication we set out our insights We have aimed our Commercial and the need to improve its commercial our audits of government contracts on some of the areas where contracts contract management – insights and capability and the value of managing go wrong, the warning signs that we look emerging best practice at public sector its contracts properly.
    [Show full text]
  • Sustainable Procurement
    Sustainable Procurement Martin KENNARD, United Kingdom Key words: Sustainable Procurement, Supply Chain, Corporate Social Responsibility SUMMARY Sustainable Procurement is the process whereby economic development, social development and environmental protection are balanced against business needs. The benefits to your organisation in adopting a sustainable procurement policy will be to: - Control costs by adopting a wider approach to whole life costing. - Improve internal and external standards through Performance Assessments. - Comply with environmental and social legislation. - Manage risk and reputation. - Build a sustainable supply chain for the future. - Involve the local business community. Lack of understanding of sustainability within businesses, coupled with poor training and accountability are significant barriers to building supplier capacity. Project budgets supporting a business case built upon sustainable procurement must be split between the management of capital and revenue spending based on a plan that is environmentally friendly. Greater consideration must be given to bid evaluation criteria so that they support sustainable methods of construction. The age old fixation of lowest price must go in favour of a whole life solution. The public sector must lead by example. Ethical core values should be embedded in contractors’ policies and procedures. Transparency in such policies is vital to support the ability to demonstrate that the policies have been followed. These policies should include protection of the environment, protection against corruption, respect for people and a zero accident tolerance in health and safety issues. Bid lists should include small and micro businesses to create local supply chains. Suppliers that perform well must be developed and remain in the supply chain To succeed with sustainable procurement we need to ensure that there are drivers outside of the public sector and to encourage greater private sector and contractor/supplier driven initiatives.
    [Show full text]
  • Commercial and Contract Management (CCM) Certifications
    1 Commercial and Contract Management (CCM) certifications April 2021 © World Commerce & Contracting 2021. All rights reserved 2 Contents Learning with WorldCC 3 CCM path to commercial excellence We are dedicated to supporting our members from all around the world to 4 Fundamentals achieve high performing and trusted trading relationships. A key pillar of that 5 Certification support is learning and development. We address the growing need across all 6 Development in CCM private and public organizations for everyone to be able to prepare, understand 7 Certification program details and manage contracts, and be skilled at managing commercial relationships. 9 Blended Certification program 10 About the Blended program Invest in yourself Build commercial excellence 11 Blended program workshops The world is changing. Fast. And it has never been more We all know that contracts and contracting processes important to continue to develop the skills and knowledge are undergoing substantial change. Digital transformation 12 Workshop details that provide a competitive edge. Certification demonstrates underpins the evolution, which was accelerated by the 13 Prices your abilities and communicates your value. global pandemic and the vivid exposure of the existing inadequacies. Training is the backbone to support the Reduce friction costs by aligning around successful implementation of change. But beyond a core body of knowledge technical training on new systems and processes there Organizations live and die based on their ability to win and is a deeper transition that must be supported. To achieve deliver contracts. Teams cannot afford to have disparate commercial excellence, teams must engage in re-skilling understanding of the contracting process or misaligned to learn how to effectively leverage contracts as business levels of integration and coordination.
    [Show full text]
  • Vice President of Commercial Management
    Vice President of Commercial Management Classification Title Vice President of Commercial Management FLSA Status Exempt PURPOSE OF THIS ROLE AND ESSENTIAL RESPONSIBILITIES The Vice President of Commercial Management (“VP”) is responsible for working with the SVP & Chief Revenue Officer to develop and implement short and long-term strategies to maximize non-aeronautical revenue and enhance the customer experience in accordance with the Raleigh Durham Airport Authority’s strategic business plan. Specifically, the VP will assist in leading/directing strategic and business initiatives related to growing all airport revenue areas, which includes airport concessions and rental car activities, parking, and ground transportation, commercial properties /real estate development, FBOs and cargo. The VP will play a critical team role in defining and implementing initiatives for profitable and sustainable non-aeronautical business performance and revenue growth. Additionally, the VP will provide leadership, guidance and coaching to a dedicated team, inspiring a collaborative and collegial culture that is high performing and results focused. QUALIFICATIONS To qualify for this position, an applicant should have: ▪ Airport management experience is highly desirable in at least one of the following core disciplines/areas of focus: commercial management/concessions, property/real estate, parking or ground transportation. Comparable experience that provides the knowledge, skills and abilities to perform responsibilities will be considered. ▪ An established
    [Show full text]
  • Government Functional Standard Govs 008: Commercial
    Government Functional Standard GovS 008: Commercial Version: 1.0 Status: Approved for internal government trial Date issued: March 2019 GOVERNMENT FUNCTIONAL STANDARD This standard forms part of a suite of operational standards that set expectations for management within government. Standards may include both mandatory and advisory elements. The following conventions are used to denote the intention: Term Intention shall denotes a requirement: a mandatory element. should denotes a recommendation: an advisory element. may denotes approval. might denotes a possibility. can denotes both capability and possibility. is/are denotes a description. The meaning of words is as defined in the Shorter Oxford English Dictionary, except where defined in the Glossary in Annex B. It is assumed that legal and regulatory requirements shall always be met. © Crown copyright 2019 Produced by Government Commercial Function. You may re-use this information (excluding logos) free of charge in any format or medium, under the terms of the Open Government Licence. To view this licence, visit http://www.nationalarchives.gov.uk/doc/open-government-licence/ or email: [email protected] Where we have identified any third party copyright material you will need to obtain permission from the copyright holders concerned. 2 VERSION 1.0 – MARCH 2019 GOVS 008: COMMERCIAL Contents 1 About this government functional standard 5 1.1 Purpose of this government standard 5 1.2 Scope of this government standard 5 1.3 Government standards references 5 2 Principles 6 3
    [Show full text]