Project

In: Business and Management

Submitted By Guilao
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Contract Types Contract types are tools in planning purchases and acquisitions that are important for the examination as well as for professional management. There will be several questions on the exam about the different types. One of the important facts to know is the degree of risk for the seller and the buyer that each type of contract contains. This graphic shows the risk levels for each of these types of contract.

Figure 16-1. Risk levels for contract types.

Each of the contract types has risk attached to it. As we go through these contract types, you need to learn who assumes the most risk, the buyer or the seller.

Fixed price/lump-sum contracts In this type of contract, the seller assumes the greatest risk because the price is set. This means that the seller must comply with the contract and provide the service/product for a specific price. If the time it takes to deliver the service/product expands, the seller cannot charge for the extra time. The same would be true if extra materials were needed to deliver the service/product. If this occurs, the seller cannot charge for the extra materials because the price for the contract is already fixed.

Incentives can be used with a fixed price contract based on meeting project deliverables or exceeding them. These deliverables could include schedules and costs as two of the measurements for incentives. In addition, some economic adjustment such as cost-of-living increases could be written into a fixed price contract.

Cost-reimbursable contracts These contracts involve paying for the actual costs that the seller incurs plus an agreed upon fee that will represent the profit for the seller. For the most part, the buyer is buying direct costs, costs that are incurred because the project is being done. Indirect costs are often called either overhead or general and administrative costs. These…...

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