Fit for purpose and Proof of concept: Difference between pages

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(Create page. Sources: Oxford Dictionary of Law, Oxford Dictionary of English.)
 
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1. ''Contract law.''
''Product and software development''.


Fitness for purpose is a minimum standard that must be met by a party that sells goods in the course of business.
(POC).


When the buyer makes known to the seller any particular purpose for which the goods are bought, there is an implied condition in the contract that the goods are reasonably fit for that purpose.
Proof of concept is the stage in product or software development in which it is established that the solution will function as intended.


If the goods are not fit for the purpose, the buyer can legally terminate the contract.


<span style="color:#4B0082">'''''Banks well advanced in DLT applications'''''</span>


2.
:"Mark Williamson, global COO of FX cash trading and risk management at HSBC, said that 90% of banks are now at proof-of-concept stage for distributed ledger technology (DLT) applications, with HSBC having settled billions of dollars of internal FX transactions on a DLT solution since February 2018."


In relation to a system or structure, 'fit for purpose' means well-suited and effective for its designated purpose.
:''The Treasurer magazine, December 2018 / January 2019, p12''




:<span style="color:#4B0082">'''''Corporate criminal liability framework not fit for purpose'''''</span>
==See also==
*[[COO]]
*[[Distributed ledger]]
*[[Ideation]]
*[[Research & development]]


:Meanwhile, contributors to the Treasury Committee's research described the UK's corporate criminal liability framework as 'not fit for purpose'.
:''The Treasurer magazine, Cash Management Edition April 2019, p8.''
== See also ==
* [[Condition]]
* [[Contract]]
* [[Implied term]]
* [[Misrepresentation]]
* [[Treasury Committee]]
[[Category:Accounting,_tax_and_regulation]]
[[Category:The_business_context]]
[[Category:The_business_context]]
[[Category:Technology]]

Revision as of 13:24, 2 April 2019

Product and software development.

(POC).

Proof of concept is the stage in product or software development in which it is established that the solution will function as intended.


Banks well advanced in DLT applications

"Mark Williamson, global COO of FX cash trading and risk management at HSBC, said that 90% of banks are now at proof-of-concept stage for distributed ledger technology (DLT) applications, with HSBC having settled billions of dollars of internal FX transactions on a DLT solution since February 2018."
The Treasurer magazine, December 2018 / January 2019, p12


See also

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