Acceptance of the offer The unconditional acceptance of an offer constitutes the contract. It can be oral, written or implicit in the behavior. If the means of communication is immediate (i.e. face-to-face, telephone, fax or e-mail), the contract is made at the time and place of receipt. If it is posted, it will be deemed effective from the time of its publication. Even if no full clause has been agreed, try to set as many agreed terms as possible in a short interim agreement or set binding terms. Specification A formal description of the characteristics of the goods or services required in an objective and measurable manner. It includes goods or finished work as well as drawings, specifications and other related documents. Intangible assets such as collateral are generally not included – these are commonly referred to as “continuous obligations”. A spokeswoman for Buckingham Palace said: “I can confirm that the Royal House now has an agreement on the purchase of the aged energy generated by the hydroelectric system implemented by SEPEL.” There are two types of framework agreements – a single supplier, where the goods and services covered by the agreement are ordered as needed, and – a multi-supplier framework – with at least three (3) suppliers – where a mini-competition involving all suppliers is concluded whenever there is a requirement.