GMR Energy Assistant Manager Interview Questions, Process, and Tips

A general framework of contract includes offer, acceptance, consideration, and intention to create legal relations.

• Offer: A proposal made by one party to another.

• Acceptance: An agreement to the terms of the offer.

• Consideration: Something of value exchanged between the parties.

• Intention to create legal relations: Both parties must intend to create a legally binding agreement.

• Example: A contract for the sale of goods or

Types of liquidated damages include actual, nominal, and penalty damages.

• Actual damages are based on the actual loss suffered by the injured party.

• Nominal damages are a small amount awarded when there is a breach of contract but no actual loss suffered.

• Penalty damages are a predetermined amount agreed upon in the contract and are meant to punish the breaching party.

• Examples of liquidated damages include late fees for r...read more

Penalties value on Liquidated Damages is decided based on the terms agreed upon in the contract.

• Penalties are predetermined in the contract and are based on the estimated damages that may occur due to delay or breach of contract.

• The value of penalties may vary depending on the nature of the project and the level of risk involved.

• Penalties are usually calculated as a percentage of the contract value or a fixed amount pe...read more

Arbitration is a legal process of resolving disputes outside of court.

• The parties involved agree to submit their dispute to an arbitrator or a panel of arbitrators.

• The arbitrator(s) listen to both sides and make a decision, which is binding.

• Arbitration can be voluntary or mandatory, and can be conducted in person or remotely.

• Arbitration can be used in various fields, such as business, labor, and international disputes.

• ...read more

Bidders are selected based on their qualifications, experience, financial stability, and proposed solutions.

• Qualifications and experience of the bidder

• Financial stability and capability to complete the project

• Proposed solutions and approach to the project

• Reputation and past performance of the bidder

• Compliance with legal and regulatory requirements

• Competitive pricing

• Ability to meet project timelines and deliverables

To check the credibility of a qualified bidder, I would verify their past performance, financial stability, and references.

• Verify past performance through reviews and ratings from previous clients

• Check financial stability through credit reports and financial statements

• Contact references to confirm their experience and reliability

• Consider any red flags or warning signs, such as legal issues or negative reviews

• Ensure the...read more