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InterviewSolution
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What is a Contract? |
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Answer» Contract is a long term outline agreement between vendor and ordering party over predefined material or services over certain framework of time. There are two types of contract − Quantity Contract − In this type of contract overall value is specified in terms of total quantity of material to be supplied by vendor. Value Contract − In this type of contract overall value is specified in terms of total amount to be paid for that material to the vendor. |
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