PM 0018 –CONTRACTS MANAGEMENT IN PROJECTS

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DRIVE

fall 2017

PROGRAM

MBADS (SEM 4/SEM 6) - MBAFLEX/ MBA (SEM 4)

PGDPMN (SEM 2)

SUBJECT CODE & NAME

PM 0018 –CONTRACTS MANAGEMENT IN PROJECTS

BK ID - B2014

CREDIT AND MARKS - 4 CREDITS AND 60 MARKS

Q1. Explain the essential elements of a project contract. (Discuss the TEN essential elements of a project contract) 10

Answer: Essential elements of project contract: We have studied that a contract is an agreement enforceable by law. To be enforceable by law, an agreement must possess the essential elements of valid contract. These elements of a valid contract are discussed as follows:

Proposal (offer) and acceptance: There must be a ‘lawful proposal’ and a ‘lawful acceptance’ of the proposal for a contrac

Q2. Explain the steps involved in the contract closure process. (Explain the EIGHT steps involved in the contract closure process) 10

Answer: Contract Closure: Contract closure refers to a process of accomplishing all the tasks as per the terms and conditions mentioned in the contract. The steps involved in the contract closure process are

Q3. What is an outsourcing contract? What are the Advantages and Disadvantages of Outsourcing?

 Explain about outsourcing contract.

 Advantages and Disadvantages of Outsourcing

Answer: Outsourcing Contracts: Outsourcing a contract implies a process in which one party contracts work to another party. First, the outsourcer accepts the tasks given by the organisation. Then, the contract is and involves key contents such as scope, conditions, deliverables, etc. Organisations often

Q4. Discuss the process of procurement. (Explain the SIX steps of the procurement process) 10

Answer: Process of Procurement: The procurement process includes the activities of procuring goods or services, paying the bills, and closing the procurement contracts. The steps involved in the procurement process are discussed as follows:

1.     Planning purchases and

Q5. What is contract management? Describe its important features. (Define contract management, List and briefly explain the important features of a good management contract) 1, 9

Answer: Contract Management: Contract management refers to the management of contracts by negotiating the terms and conditions of the contract and ensuring compliance. It implies systematically managing the contract creation and maximizing the operational and financial performance of contracts. An increase in the use of contracts in organizations requires growing recognition for improving

6 Write short notes on:

 Contract Structure and its elements.

 Software Licensing

Contract Structure and its elements

Definition Software Licensing

Answer:

Contract Structure and its elements:

There are several types of contracts in different industries. Contracts differ in their terms such as type of work, number of parties involved, degree of risk, price of the contract, etc. However, the structure of a contract is almost similar in most industries. Most contracts follow the same basic format. Generally, contracts

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