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What is a Contract?

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When 2 or more companies decide to do business together, contracts are made. The contract is nothing but a set of legal documents mentioning the terms and conditions the 2 or more companies are willing to conduct business in an appropriate manner. The contract enforces the involved parties to agree as to whatever things are mentioned in it and will be held accountable in the court if someone breaks the rules. This is why, companies consider a contract very seriously before entering into one.

As mentioned earlier, that contracts are made in order for 2 or more parties to a conduct business, it is important to differentiate and understand who the parties are. Most of the times, one is a buyer while the other is the purchaser. Additional party may be involved such as an overseer to monitor that the business is happening smoothly.

The terms and conditions in the contract is all about the goods quality and quantity along with the service that is going to be provided to the consumer. The dates, price and other factors are agreed upon and mentioned on the contract. In case the contract requires changes to be made, the contract manager will see to it that he or she makes the necessary changes and informs the parties. However, the changes to the contract are made only after everyone involved in the business project agrees upon. If any party or an individual decides to violate, then that party or individual will be charged in the court of law.

To understand more about contract or contracts, why not first enroll yourself in a sustainable procurement training that will help you to learn more.

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