Payments

In project management, selecting the right type of contract is essential for aligning the expectations, responsibilities, and risk-sharing between the buyer and the seller. Contracts act as legal agreements that define the work to be done, the terms under which it will be completed, and the compensation for services or products delivered. The goal of selecting an appropriate contract is to ensure that both parties are motivated to meet the project objectives while balancing the risks and rewards. Contract types vary based on the level of scope definition, project complexity,…