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Contract is associated with the mutual understanding and legal agreement between the two or more parties. In the study of management, contract is the agreement of rules, and facilities to grab the proper market. At the time when you have various questions related to it, then you must have proper knowledge to solve out. However, a bit hesitation may create difficulty. So, to get confident, you can easily understand all problems and its relevant answers with our effective services of contract homework answers.
Explain the term contract
Contract means the process of understanding the agreement provided by one or more parties for their facility or services to the others. It is explained by legal agreement between the parties for accepting the rules and regulations. Some contracts are common commercial and some are complex contracts.
Commercial contract – This includes letters of employment, order for purchasing, sales invoice, utility contracts and purchase orders come under this category.
Complex contract – Construction projects, Agreements related with intellectual property, international trade, outsourcing trade, technical specification etc. come under this category.
There are various types of contracts –
- Purchasing
- Agreements of partnership
- Trade
- Intellectual property
- Sales
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Various contract management disciplines
- Authorizing
- Negotiation
- Management in commitment
- Communication
- Awareness and visibility contract
- Document management
- Growth
- Contract
Other than different disciplines there are also some proper conditions that change the management for this agreement. There are some particular conditions that need some changes in agreement. These changes are important for the development of the company.
What are the various phases?
Three prime phases are –
- Pre-contract
- Contract Execution
- Post-award
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