INFORMATION TECHNOLOGY PROJECT MANAGEME
9th Edition
ISBN: 2818440094460
Author: SCHWALBE
Publisher: CENGAGE L
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Chapter 12, Problem 3DQ
Explanation of Solution
Contract:
Contract is a business and legally binding agreement between two or more organizations to carry out financial transactions in turn for exchange of goods and services...
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The different types of contracts and the advantages, disadvantages of each are explained below:
Fixed price or lump sum contract:
- In a fixed price contract, the seller and the buyer agree on a mutually agreed fixed price for the exchange of products or services. In terms of risk in this contract, the seller faces a higher risk than buyer.
- This contract can be Firm-Fixed-Price (FFP), Fixed-Price Incentive Fee (FPIF) and Fixed-Price Economic Price Adjustment (FP-EPA).
- The advantages of this contract are that it is beneficial for buyers as it minimizes their risk. Also, there is no need for adjustments, as both parties agree on a fixed price in advance.
- A major disadvantage is that there is absence of continuous communication between the parties after the contract agreement is set in place.
Cost reimbursable contract:
- Here, the contract focusses on a fixed time period and an extension of the same calls for payment reimbursement.
- The payment can be made separately as direct and indirect costs and the contract puts a lot of risk on the seller.
- Cost reimbursable projects can be classified as Cost Plus Incentive Fee (CPIF), Cost Plus Fixed Fee (CPFF), Cost Plus Award Fee (CPAF) and Cost-Plus Percentage of Cost (CPPC)...
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