Source: https://www.shankce.com/what_is_contract.html
Timestamp: 2018-12-10 13:53:30
Document Index: 360941783

Matched Legal Cases: ['arty 1', 'arty 2', 'arty 2', 'arty 1', 'arty 1', 'art 2']

An agreement, based on an intent, between two parties whereby Party 1 supplies goods, performs works or provides services (known as “Consideration”) to Party 2 with obligations clearly stated; and
Party 2 agrees to pay (known also as “Consideration”) Party 1 for the goods, works or services that it receives, with obligations clearly stated.
Obligations of Party 1 and Part 2 are clearly stated.
The Contract or Agreement comes into existence as an end product of the process of Tendering, concluded formally or informally, orally or in writing.
The primary objective in the process of Tendering for Works and Services is to get the best value for money from the overall cost to company point of view. The overall cost could include technical capabilities on offer, completion duration, life cycle cost, commercial/ contractual terms and conditions and any other considerations. Considering these issues, selection of the Contractor should thus be on the basis of technically capable, contractually compliant and lowest quoted price Tender/offer.
In our daily lives, all of us deal with Contracts day-in-day-out, knowingly or unknowingly, formally or informally. However the key to a smooth or successful Contract conclusion and completion is in dealing with issues leading upto its conclusion based on the above principle of best value for money. In the absence of doing so we sometimes might tend to mis-emphasise and mis-construe its so called core principles, with a short term commercial decision or without a “holistic” approach. For example how many times have we awarded a Contract for house construction to the cheapest one instead of to the one who completes it on time however little expensive it might apparently look, in comparison or not awarding to the one who uses good quality products. These are some of the very issues that should merit consideration in the best value for money approach.