1.

What Are The Different Types Of Contracts?

Answer»

A contract can be ONE of the following two types:

  •  Quantity contract — In this type of contract, the PURCHASING department AGREES with the vendor for SUPPLY of a specified quantity of material, or services.
  •  Value contract — In this type of contract, the purchasing department can limit the total spending for a material with a vendor. The release orders are VALID only till the total spending for the value contract equals the total agreed upon value.

A contract can be one of the following two types:


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