Contract managememt

Define: contract managememt

What we learn from practical field is that, for issuing a contract regularly or first time the owner need to ensure project phases.

For execution of the project the owner need to assign any agencies or 3rd party who has the expertise knowledge for the operation. As the owner doesn't posses the knowledge, an agencies will be conduct for the fulfillment of the operation and this known as contract management.

Sequence of business contract

Learning: Business contract sequence

Enquiry: issuing notice inventing tender to a selected parties or to a newspaper by a contract authority.
Offer: submission of tender document to the bidder.
Acceptance: communicating with the the recipent offer to the bidder and enter into an agreement of the same bidder.
Agreement: offer and acceptance in a legal form will be entrasted in duly signed of both of parties.
Contract: the document will be signed in a stamped paper with the varification of both parties.

Do you know what is Business contract is?

Define: Business contract

In today’s class we learn what is business contract, simple definition that is:

A business contract is an agreement between two or more parties in a written form. Business contract are those kinds of contract that is enforceable by law, so in one word, a business contract is an agreement between two or more competent parties with written form that is legal enforceable law as well as details will be form in the payment of money.