Ques:- What are fixed type contracts in procurement processes?
Asked In :-
Xiaomi Technology India, PeopleStrong HR Services, Destination technologies, Quarks Technosoft, Talent Toppers, Feathersoft Info Solutions, Ginni Systems, Smart Cube India, HBL POWER SYSTEMS LIMITED, McKinsey Knowledge Center,
Right Answer:
Fixed type contracts, also known as fixed-price contracts, are agreements where the buyer pays a set price for a specified product or service, regardless of the actual costs incurred by the seller. This type of contract provides cost certainty for the buyer and incentivizes the seller to control costs and complete the project efficiently.
Fixed type contracts, also known as fixed-price contracts, are agreements where the buyer pays a set price for a specified product or service, regardless of the actual costs incurred by the seller. This type of contract provides cost certainty for the buyer and incentivizes the seller to control costs and complete the project efficiently.