Description

SESSION JUL – AUG 2024
PROGRAM MASTER OF BUSINESS ADMINISTRATION (MBA)
SEMESTER IV
COURSE CODE & NAME DPRM404 CONTRACTS MANAGEMENT IN
PROJECT

Assignment Set – 1

1. Explain the concept of Contracting. Also, to detail the key components of Contracts.
Ans 1.
Concept of Contracting
Contracting refers to the legal process of creating a binding agreement between two or more
parties. It is the backbone of commercial and professional relationships, ensuring mutual
understanding and obligations are clear and enforceable. A contract defines the terms and
conditions under which services, goods, or resources are exchanged. Contracts are critical for
avoiding disputes and ensuring accountability, as they provide a legal framework that binds
parties to their commitments. This concept plays a pivotal role in both public and private
Its Half solved only
Buy Complete assignment from us
Price – 190/ assignment
MUJ Manipal University Complete
SolvedAssignments session JULY-AUG 2024
buy cheap assignment help online from us easily
we are here to help you with the best and cheap help
Contact No – 8791514139 (WhatsApp)
OR
Mail us- [email protected]
Our website – www.assignmentsupport.in
2. Write a detailed note on Project Contract. Also, to discuss Key considerations for
drafting and negotiating project contracts. 4+6
Ans 2.
Project Contract
A project contract is a formal agreement between two or more parties engaged in a specific
project. It is a detailed document outlining the project’s scope, deliverables, timelines, costs,
and responsibilities. Project contracts are widely used in industries like construction, IT,
engineering, and infrastructure, where collaborations between multiple stakeholders are
common.
In the construction industry, for example, project contracts define the relationship between
3. Detailed the concept of Procurement Management. Further to explain the various
Procurement Methods. 3+7
Ans 3.
Concept of Procurement Management
Procurement management involves the strategic process of acquiring goods, services, or works
from external sources to meet an organization’s operational or project requirements. This
function plays a vital role in ensuring cost-effectiveness, quality, and timely delivery.
Procurement management encompasses the planning, executing, and monitoring of
procurement activities, including identifying requirements, selecting suppliers, negotiating
Assignment Set – 2
4. Explain various factors influencing type of Contracts.
Ans 4.
The type of contract chosen for a project or procurement significantly impacts its success.
Contracts govern the relationship between the parties, define responsibilities, allocate risks,
and outline the terms for the delivery of goods or services. Various factors influence the choice
of contract type, and these must be carefully analyzed during the contract planning phase.
Factors Influencing the Type of Contracts
Nature of the Project The complexity, scale, and type of project are primary determinants of
5. What do you mean by Contract Management? Detail Negotiation Process.
Ans 5.
Contract Management and the Negotiation Process
Contract management is the process of systematically creating, executing, and monitoring
contracts to ensure that all parties fulfill their obligations. It involves overseeing contractual
agreements to achieve desired outcomes while minimizing risks and maintaining compliance
with legal and regulatory standards. Effective contract management spans the entire contract
6. Explain the common causes of disputes and Claims in Contract along with Preventive
Strategies for Managing Disputes and Claim in Contracts.
Ans 6.
Common Causes of Disputes and Claims in Contracts
Disputes and claims in contracts arise due to various factors, often leading to delays, financial
losses, and strained relationships. Common causes include:
 Ambiguous Contract Terms Vague or poorly drafted clauses create
misunderstandings and disagreements about roles, responsibilities, or deliverables.
 Scope Changes Unclear or frequent changes to the project scope can lead to disputes