Contracts

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KaurP
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Joined: Wed Apr 04, 2018 4:08 am

Contracts

Postby KaurP Fri Aug 10, 2018 6:15 pm

What similarity exists between a cost-reimbursable contract and a time and material contract?

A. They are open ended.
B. The closure date is part of the contract.
C. They have fixed bonus rates.
D. They can never grow in value.

Can you please explain what are open ended contracts in reference to ost-reimbursable contract and T & M.

Thanks!
manishpn
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Re: Contracts

Postby manishpn Sat Aug 11, 2018 2:07 pm

KaurP wrote:What similarity exists between a cost-reimbursable contract and a time and material contract?

A. They are open ended.
B. The closure date is part of the contract.
C. They have fixed bonus rates.
D. They can never grow in value.

Can you please explain what are open ended contracts in reference to ost-reimbursable contract and T & M.

Thanks!

good pmi resource
https://www.pmi.org/learning/library/pr ... views-7254

open ended contract basically have no cap on time and/or cost, so a buyer signs a contract for some work which may not be well defined and buyer knows so it enters into T and M or Cost reimb contract , but seller will not commit on how much it will cost for material or how much effort will be spent, buyer pays as per the cost incurred by seller, and even after few months in the contract buyer may not get anything delivered,
such contracts are not so popular nowadays, so most of the contract in real world have a cap on max cost and/or time.
Br,
Manish P
PMP, PMI - ACP, SAFe Agilist
http://www.izenbridge.com/blog/7-effect ... ification/

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