What is Contract Management? Learn More Types and Importance Contract Management

Table of Contents:

1-Why should we know types of contract?

2-What is Contract?

3-Types of Contracts

4-Fixed Price or Lump Sum Contracts

5-Cost-Reimbursable Contracts

6-Kinds of cost-reimbursable contracts

7-Time and Material (T&M) Contracts

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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