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| Project Contract Management Best Practice |
Why should we know types of contract?
Whether you’re managing a small project or a large complex program you need a basic understanding of the different types of contract you’re likely to encounter when buying from external organizations and 3rd parties.
What is Contract?
A contract is an exchange of promises between two or more parties to do, or refrain from doing an act, which resulting contract is enforceable in a court of law.
In the project or program context, contracts typically involve the exchange of money in return for goods or services.
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