DPRM404 CONTRACTS MANAGEMENT IN PROJECT

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

 

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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

 

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 contracts, and managing supplier

 

 

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

 

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 lifecycle, from drafting and negotiation

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 over cost adjustments, timelines,