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.
Keep Learning with Project Management Notes
What is Procurement Strategy?
When it is decided using make or buy analysis that the work must be accomplished through outside sources, a proper ...
What is Internal Dependencies?
Activities associated with the project are interdependent and linked together. A dependency is basically when one element depends on another ...
What is Training Support?
Logistics support is a term given to providing maintenance, repair and support to project deliverables after they are provided to ...
What is Procurement Negotiation?
To conduct procurement effectively, an important interpersonal skill used is negotiation. Negotiation is a formal or informal dialogue between two ...
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 Statement of Work?
A statement of work refers to the project scope. It gives the tasks and activities that are to be performed ...