Common Contracts
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EDITORIALEditorial • April 9th, 2016
Contract is a legal instrument through which the contracting parties engage themselves for procuring a product under defined conditions at a price. A contract is broadly divided into two stages. First is the contract formation which primarily involves procurement processes and the second is contract administration which generally involves supervision and overall management of contract execution. A contract can be defined as “Engineering Contract” when it is executed for the Professional Engineering Work as defined in Section 2 (xxv) of PEC Act, 1976 as amended in 2011.
