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Many types of contracts are available to a project management. How will you know which is...

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General Management

Many types of contracts are available to a project management.How will you know which is the right contract to execute for eachtype of procurement? Referencing the article below, discuss eachtype of contract and cite an example of an appropriate use of eachcontract.

Reference:

Usmani, Fahad (2013). Types of Procurement Contracts used inProject Management. PM Study Circle. Retrieved fromhttps://pmstudycircle.com/2013/12/types-of-procurement-contracts-used-in-project-management/

Answer & Explanation Solved by verified expert
3.5 Ratings (557 Votes)
There are three types of Contract as highlighted by article mentioned in the question 1 Fixed price contract It is a contract where price is fixed while entering into the agreement and will be enforce on the same terms and conditions mentioned in the agreement including price and duration    See Answer
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