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What is Types of Contract Management Explained about?

- Contract management ensures both parties understand their obligations and fulfill them efficiently to provide best value. Contracts describe project scope, timeframe, costs, obligations, and minimize disputes. - There are three main types of contracts: lump sum/fixed price, time and material, and unit pricing. Lump sum has fixed costs but high contractor risk, while time and material allows flexibility but unpredictable costs. - The tendering process involves determining the tender type, preparing a requ

Author

Simran Shrestha

Language

EN