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Project Procurement: A Real-World Guide for Procurement Skills by Ajay Bhargove

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CHAPTER

5

Contracts

If you are an experienced buyer, then you must know the importance of the legal implications and terminologies for different types of contracts. The importance of contracts grows when such agreements or contracts are drawn up with international suppliers or contractors. It is the duty of the buyer to protect their own organization from unforeseen legal risks.

5.1 Difference Between an Agreement and a Contract

It is important for every buyer to understand the difference between an agreement and a contract. The very basic difference is that contracts are enforceable in the court of law, which means, in case of default by any of the parties, they are to be answerable in a legal trial, which further can lead to penalties, ...

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