Word: underbidding
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Harvard's reasons for entering the leasing arrangement with HSA seem clear. In the past. Harvard has contracted Gordon Linen to handle its laundry chores. With the new operation the University will no longer have to farm out its dirty clothes. HSA has already underbid Gordon for next Commencement's linen contract...
Ryan said last week that once the operation becomes established. HSA should be able to underbid any commercial outfit. Ryan said be expects HSA to underbid Crown Linen--the company that handles the uniforms worn by Harvard Food Service employees...
...investor has little bargaining power. Institutions, though, have plenty; they have already bargained commissions down an average 50% from the old fixed-rate schedule on the biggest trades. Many Wall Streeters fear that an extension of negotiated commissions would cause another wave of brokerage failures because rich brokerages would underbid weak ones for the all-important institutional business. Nevertheless, some major extension of negotiated commissions seems sure to come...
...Judgment. On the L-1011 project, Lockheed's top managers contend that they have been victimized by events beyond their control. They had contracted with Britain's famed Rolls-Royce to build the plane's engines; at the time, Rolls-Royce greatly underbid its American rivals for the award, and the deal was widely thought to be a coup for both companies. But Rolls-Royce also had done some "buying in," and when development costs jumped far beyond estimates, the company fell into bankruptcy. After months of negotiations, the British government agreed to spend...
Actually, the secret was that Rolls had been unrealistic enough to become a sitting duck. In its eagerness to underbid its U.S. competitors (General Electric and Pratt & Whitney), Rolls accepted a fixed price for an engine that demanded technological breakthroughs to produce-and this in an inflationary age. It also committed itself to deliver all the engines by November 1971 or pay stiff penalties. The penalty provisions have never been disclosed, but are believed to oblige Rolls to pay up to $300 million -more than 60% of its last reported net worth. Presumably, the penalties rise as deliveries become later...