A Contract is an agreement between two or more parties, to exchange providing a specific work (Scope of Work) with agreed compensations (mainly cost and/or any others specified in the contract) withclude terms and conditions. The Contract terms and conditions including both parties’ obligation, liability, payment, and other terms and conditions are legally binded. The Contract dispute settlement process and change management work process is a part of contract. In addition to a signed document, resulting from acceptance of offers by award notices, letters of intent (LOI), and other orders such as POs are one of the contracts. The Project Execution Plan (PEP) and procedures are developed based on the actual contract terms and conditions.
Related Definitions in the Project: The Project Management; Project Contract; Procurement; Project Proposal
