Contract Notes: Definitions & Explanations PDF | Download eBooks
Study Contract lecture notes PDF with project management definitions and explanation to study “What is Contract?”. Study contract explanation with project management terms to review project management course for online MBA programs.
Contract Definitions:
A contract is an agreement between the contractor, who agrees to provide a product or service (deliverables), and the customer, who agrees to pay the contractor a certain amount in return.
Successful Project Management by Jack Gido and James P. Clements
A contract is a mutually binding agreement that obligates the seller to provide the specified product or service or result and obligates the buyer to pay for it.
A Guide to the Project Management Body of Knowledge by Project Management Institute
Contract Notes:
A contract is usually a written document showing the agreement between a customer and a contractor regarding the deliverables of a project and the amount paid in return. A contract is a way of arriving at a mutual understanding between customer and a contractor and establishes a communication between both. A contract must list the deliverables of the project upon which the agreement is made and both the parties are legally bound to provide what is mentioned in the contract. Typically, there are two types of contracts, fixed-price contract I which both the parties agree on a fixed price for the project, and cost-reimbursement contract in which the customers pays the actual incurred costs to the contractor irrespective the amount.
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