Completion Contract Notes: Definitions & Explanations PDF | Download eBooks
Study Completion Contract lecture notes PDF with project management definitions and explanation to study “What is Completion Contract?”. Study completion contract explanation with project management terms to review project management course for online MBA programs.
Completion Contract Definition:
In the completion contract, the contractor is required to deliver a definitive end product.
Project Management: A Systems Approach to Planning, Scheduling, and Controlling by Harold Kerzner?
Completion Contract Notes:
The final stage of the procurement process is to select the appropriate type of contract and negotiate the terms and conditions including the price with the selected supplier. Different types of contracts can be considered in the award cycle. One of the contract type is called completion contract. Completion contract refers to the type of contract that is made when the buyer is interested in the end product. Through a completion contract, a vendor is required to provide the buyer with a completed, final product. When the vendor or supplier provides the end product, the contract is considered to be completed and the buyer makes payment to the supplier.
Keep Learning with Project Management Notes
What is Job Description?
In order to select the financial compensations and rewards for the project team members, it is important to first classify ...
What is Sequencing Activities?
After the activities associated with the project are defined, their sequence must be established. The process of establishing relationship and ...
What is Procurement Statement of Work?
Statement of work is a document that includes the complete description of the required work. In procurement management, a document ...
What is Enterprise Environmental Factors?
Sometimes, a project is affected by its environment. The environmental factors that affect a project or an enterprise are called ...
What is Logic Diagram?
There are different types of diagrams that are used to graphically represent a project and its associated activities. These diagrams ...
What is Cost Plus Incentive Fee?
A contract is a legal document listing all the terms and conditions agreed between two parties. There are two broad ...