Questions and Answers
What is a contract?
A contract is a legal binding agreement between two or more than two parties.
What is pre-contract phase?
The pre-contract phase involves preparing and seeking out tender documents, as well as contract negotiation.
What is contract management?
Contract management is the process of managing contracts that are made as part of the delivery of a built asset. It involves the creation, analysis and execution of contracts by the parties to those contracts to ensure that operational and financial performance is maximised, and risks are minimised.
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Study Notes
- A contract is a legal binding agreement between two or more than two parties
- A contract must contain the agreement between the two parties, who intend to fulfil the promises and consideration.
- In the pre-contract phase, tenders documents are prepared and sought out.
- In addition, during the phase, contract negotiation is also undertaken.
- During the contract execution phase, based on the tender document and negotiation, the contract documents are prepared for execution.
- Contract management is the process of managing contracts that are made as part of the delivery of a built asset.
- It involves the creation, analysis and execution of contracts by the parties to those contracts to ensure that operational and financial performance is maximised, and risks are minimised.
