A procurement contract is awarded to each selected seller. The contract can be in the form of simple purchase order, or a complex document. Regardless of the document's complexity, a contract is a mutually binding legal agreement that obligates the seller to provide the specified products, services, or results, and obligates the buyer to compensate the seller. A contract is a legal relationship subject to remedy in the courts. The major components in a contract document will vary, but will sometimes include the following:
• Statement of work or deliverables,
• Performance reporting,
• Period of performance,
• Roles and responsibilities,
• Sellers place of performance,
• Inspection and acceptance criteria ,
• Product support,
• Limitation of liability,
• Insurance and performance bonds,
• Subordinate subcontractor approvals,
• Change request handling, and
• Termination and alternate disputes resolution mechanisms. .3 Resource Calendars
The quantity and availability of contracted resources and those dates on which each specific resource can be active or idle are documented.
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