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'''Headline''': Work in progress. Usually a second-order [[waste]], where there are bottlenecks on your production line and half-processed {{wasteprov|inventory}} stacks up waiting for the next step, meaning the real waste here is {{wasteprov|waiting}}, rather than {{wasteprov|inventory}} ''per se''. | '''Headline''': Work in progress. Usually a second-order [[waste]], where there are bottlenecks on your production line and half-processed {{wasteprov|inventory}} stacks up waiting for the next step, meaning the real waste here is {{wasteprov|waiting}}, rather than {{wasteprov|inventory}} ''per se''. | ||
But— time is money, as the old saw has it — so the longer the overall negotiation process takes, the more expensive the {{wasteprov|inventory}}. | |||
In the context of contract {{tag|negotiation}}, inventory is coterminous with {{wasteprov|waiting}} — not being a [[bearer instrument]], a legal {{tag|contract}} has no intrinsic value even when completed — it is what you do ''with'' it that creates the risk and reward — so having a hopper overflowing with half-completed [[credit support annex|credit support annexes]] does not of itself represent a large waste. But the fact that they are stacked up waiting for someone to answer an email — be it the client, trading, risk or credit — it stretches out the production time. | In the context of contract {{tag|negotiation}}, inventory is coterminous with {{wasteprov|waiting}} — not being a [[bearer instrument]], a legal {{tag|contract}} has no intrinsic value even when completed — it is what you do ''with'' it that creates the risk and reward — so having a hopper overflowing with half-completed [[credit support annex|credit support annexes]] does not of itself represent a large waste. But the fact that they are stacked up waiting for someone to answer an email — be it the client, trading, risk or credit — it stretches out the production time. | ||