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Types of Contract (Example)

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Name: Professor: Institution: Date: Selection of Contract Types A contract is an agreement between two or more persons creating obligations that are legally binding and enforceable. For a contract to be binding formalities and form must be met. Normally oral contracts are unenforceable. Contracts need to be reduced into writing. Several types of contracts have been identified and discussed in the case scenarios as below. Case 1 I totally agree with Mr. James because in a Cost Plus Fixed Fee (CPFF) contract the contractor’s responsibility as to cost is minimal. The type of contract I would negotiate for this type of procurement is Cost Plus Fixed Fee (CPFF) Contract. In this type of contract a contractor’s payment is a fixed amount that has been agreed upon and includes under an obligation to have an accounting system that is easily verifiable and make a commitment to supply continuously during subsequent years. The only risk involved relates to the cost of performance after the initial year because it is difficult to estimate that rates would remain constant. Usually before a contract is signed negotiation is necessary. Negotiation involves the process of sitting down with the other party. The party may be a natural person or corporate body. Negotiations may be fast or drag depending on the complexity and the amount of paper work in the contract. Works Cited Riemer W. H. Handbook of Government contract administration. Englewood Cliffs NJ: Prentice-Hall 2008. Print Uher Thomas E. and Philip Davenport. Fundamentals of building contract management. Sydney: UNSW Press 2009. Print. [...]

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attached are 5 short cases each has one or 2 questions at the end, for total of 9 questions. Please look at the attachment before you submit your bid. thanks

Subject Area: Project Management

Document Type: Dissertation

This project has already been completed by one of the Studybay experts. The client rated this project:

Project's rating is 5/5

Price $30

Words 550

Pages 2

Completed in 6 days

Expert ProlificWriter7716

Client Review

good job

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03.13.2017

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