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type of contract

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Please see the attached file and provide the appropriate answers to each question.

1. How is risk related to the type of contract in terms of the buyer and seller?
2. How do the buyer and seller benefit from incentives in a cost plus incentive contract?
3. What is the purpose of an RFP, SOW, RFQ?
4. What is the definition of a contract?
5. How does "risk" impact potential payoff?
6. What is the purpose of a Pareto diagram?
7. What is the "rule of 7" in terms of quality control and how is it used to determine if a process needs to be investigated?
8. What is a project?
9. How are activities indicated in a precedence diagram network?
10. How is activity "float" computed in terms of the values of early start, late start, early finish and late finish.

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Type of contract is discussed very comprehensively in this explanation.

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1. How is risk related to the type of contract in terms of the buyer and seller?
Risk is related to the type of contract between the buyer and seller, there are two main category of contracts, one is the fixed price contract and the other is the cost reimbursement contract. The sellers' risk varies with the type of contract, in the reimbursement contract the risk is that the seller may not be fully reimbursed by the buyer and in the fixed price contract the seller's risk is that there may be unforeseen cost escalation that may not be defrayed by the fixed price.
2. How do the buyer and seller benefit from incentives in a cost plus incentive contract?
The buyer and seller benefit from incentives in a cost plus incentive contract because the contract that results from a properly negotiated contract is that there is reasonable contractor risk and ...

Solution provided by:
Hatim Baxamusa, MBA
Education
  • BSc , University of Calcutta
  • MBA, Eastern Institute for Integrated Learning in Management
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