Quality Control, Quantity Discount, Quarterly, Quasi Contract

Quality Control, Quantity Discount, Quarterly, Quasi Contract :

Quality Control : A system for maintaining desired grade of product according to some standards set by company policy, engineering specifications, etc. : The responsibility of controlling the product quality is divided between production personnel and other personnel of an independent section of the company. The production supervisors are responsible to monitor the quality of goods while they are produced whereas the quality control unit is often responsible to undertake detailed testing of raw material used, finished goods, its packaging, collecting statistical data and reporting the defects, etc.

Quantity Discount : A deduction in the price, by the manufacturer, distributor etc., in the event of the purchase of multiple units of a product with an aim of creating additional sales as the deduction in the prices reflects a saving in handling cost

Quarterly : That, which takes place once in every three months, for example, periodic financial reports, etc.

Quasi Contract : An informal contract, created by law in the absence of a contract, so that the service that is not specifically contracted is taken care in the quasi contract and none of the parties is able to take undue advantage of the other. In some cases, the seller compensates the buyer, as for the replacement of a worn part that affects the smooth operation of an automobile when the buyer contracted for servicing

Quality Control

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