Contract is a major part in procurement management. Types of contract required for all the relevant elements related to the project: • Fixed - price contracts or lump -sum contracts: Certain amount is agreed for the goods or service being sold. The buyer and the seller agree on a well defined to be delivered material for a specific price and time. The contract can include some incentives fee for meeting or exceeding the project objectives. While purchasing the high cost machinery items like loader…

A contract of employment is a type of a contract used in labor law to attribute rights and responsibilities between parties to a contract (Blum, 2007). On the one end stands an "employee" who is "employed" by an "employer". A written employment contract is a document that someone and their employee sign which sets forth the terms and conditions of the employment relationship (Tepper, 2011). Many rules, exceptions and considerations apply when dealing with employment contracts. Suppose that the Fabulous…

Introduction We enter into contracts every day. Taking a seat in the taxi amounts to entering into a contract. You go to a bar to drink some beers, you have entered a contract though we might not realise that we have entered into a contract. In the commercial world services and goods are normally purchased for resale or consumption. Usually the buyer and the seller will negotiate the terms of the purchase before they enter a transaction which will result in the sale. Trading involves financial risk…

1.0 Introduction 1.1 Basic Elements of Contract In order to form a valid contract, each agreement must fulfill some important elements which are stated in Section 10 (1) of Contract Act 1950, “All agreements are contract if they are made by the free consent of parties competent to contract, for a lawful object, and are not hereby expressly declared to be void.” This section emphasizes the legal contract, the willingness and the parties capable of contracting and consideration which are all part…

Richardson Professor Harris Business Law April 29, 2015 Contract Law Contracts are in every aspect of life. From buying a car to being employed, contracts govern all areas of life. By definition, a contract is “an agreement creating obligations enforceable by law” (Cornell University Law School). “A contract in its most basic definition is nothing more than a legally enforceable promise” (National Paralegal College). That means that any contract that is made legally, which will be discussed later,…

types of contracts and many different parts to a contract. Contracts are formal agreements between people or businesses. There are seven elements to a contract. The first is the offer which is the purposed deal. Next is the acceptance of the offer than consideration or bargaining of the offer. Legality is the next which means is the contract for a lawful purpose. Next is capacity are the parties adults of sound mind then consent of the contract. Lastly, writing some types of contracts must be…

obligation limitation of actions - freedom of contract - privacy of contract - termination of contract and convers also agency relationship commercial paper and contract of employment, if you are employed you’ll no doubt have a contract when you buy house insurance or but the house itself there will be a contract even buying half a dozen eggs or a newspaper from the comer shop will be governed by the law of contract Contract can be also defined as below • Contracts are enforceable promises, or unpaid agreements…

2. Part A Construction contracts can be initiated and formed in many ways with the most accepted and popular method being a standard formal contract such as JCT, NEC, FIDIC, LOGIC etc. however there is an alternative method which is not as widely accepted which is a 'letter of intent ' It is normally used to describe a letter from an employer to a contractor indicating the employer 's intention to enter into a formal written contract for works defined in the letter, and probing the contractor to…

Q&A 2 Certainty of terms and intention Introduction Contractual certainty If businessmen are often not overly-concerned with the niceties of offer and acceptance it follows that their contracts may not be all-embracing and complete in every respect. The parties may have reached an agreement in principle and then prefer to rely on experience from previous dealings, business practice and goodwill. The law’s overall policy is to uphold bargains wherever possible and although businessmen tend to…

Contract Change Factors Many of you already know that commercial contracts are governed by the Uniform Commercial Code (UCC) and government contracts by the Federal Acquisition Regulations (FAR). While the FAR has seven contract change clauses (FAR 52.243-1 through 52.243-7), each company has its own change clauses. In addition, many States have their own version of the Uniform Commercial Code, so there is a lot of variability in commercial contract change clauses. Next, we’ll take a look at…