Contracts in Organizations
Awarding Contracts : How to define a Contract: A contract simply means the process of entering into an agreement in writing to provide services for a specified period of time say one or two years or supply of items or manpower for a specified period under mutually agreed terms and conditions between two parties forming the agreement between Contractor and Contractee. Essentials of a Contrat: A Contract needs the following : 01. A Person or a Contractee who is in need of hiring a contractor. 02. A Contractor, who agrees to the contract or provider of a service 03. A valid Agreement, Offer, and Acceptance of the Offer. 04. Interest, the parties to the contract show some inclination or interest in contracting with the other party. 05. Purpose, there should be a purpose or services. 06. Making the Offer and Acceptance of the Offer. 07. Mutual Agreement to the Offer. 08. Time Period, the agreement will be entered into between parties to the contract for a specified time period, say one