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...

Question

Want to see the full answer?

Answer 1

Expert Solution & Answer

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...

Explanation of Solution

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)...

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

Which tool takes the 2 provided input datasets and produces the following output dataset? Input 1: Record First Last Output: 1 Enzo Cordova Record 2 Maggie Freelund Input 2: Record Frist Last MI ? First 1 Enzo Last MI Cordova [Null] 2 Maggie Freelund [Null] 3 Jason Wayans T. 4 Ruby Landry [Null] 1 Jason Wayans T. 5 Devonn Unger [Null] 2 Ruby Landry [Null] 6 Bradley Freelund [Null] 3 Devonn Unger [Null] 4 Bradley Freelund [Null] OA. Append Fields O B. Union OC. Join OD. Find Replace Clear selection

What are the similarities and differences between massively parallel processing systems and grid computing. with references

Modular Program Structure. Analysis of Structured Programming Examples. Ways to Reduce Coupling. Based on the given problem, create an algorithm and a block diagram, and write the program code: Function: y=xsin⁡x Interval: [0,π] Requirements: Create a graph of the function. Show the coordinates (x and y). Choose your own scale and show it in the block diagram. Create a block diagram based on the algorithm. Write the program code in Python. Requirements: Each step in the block diagram must be clearly shown. The graph of the function must be drawn and saved (in PNG format). Write the code in a modular way (functions and the main part should be separate). Please explain and describe the results in detail.

Answer 2

Expert Solution & Answer

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...

Explanation of Solution

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)...

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Expert Solution & Answer

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...

Explanation of Solution

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)...

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Expert Solution & Answer

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...

Explanation of Solution

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)...

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 5

Expert Solution & Answer

Answer 6

Expert Solution & Answer

Answer 7

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...

Explanation of Solution

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)...

Answer 8

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...

Answer 9

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...

Answer 10

Explanation of Solution

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)...

Answer 11

Explanation of Solution

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)...

Answer 12

Expert Solution & Answer

Answer 13

Expert Solution & Answer

Answer 14

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 15

Ch. 12 - List five reasons why organizations outsource....Ch. 12 - Prob. 2DQ Ch. 12 - Prob. 3DQ Ch. 12 - Prob. 4DQ Ch. 12 - Prob. 5DQ Ch. 12 - Prob. 6DQ Ch. 12 - Prob. 7DQ Ch. 12 - Prob. 8DQ Ch. 12 - Prob. 6QQ Ch. 12 - Prob. 7QQ

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...

Solution Summary: The author explains the different types of contracts and the advantages and disadvantages of each.

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...

Explanation of Solution

Want to see the full answer?

Chapter 12 Solutions