Project Contract Types and Payment Schedules

Gündüz Ulusoy and Öncü Hazır
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Gündüz Ulusoy: Sabancı University
Öncü Hazır: Rennes School of Business

Chapter Chapter 9 in An Introduction to Project Modeling and Planning, 2021, pp 281-310 from Springer

Abstract: Abstract A project contract is a legally binding document written with the aim of compensating the contractor for the work she agrees to accomplish for the client. Contract preparation is vitally important as the contract specifies the scope of the project, a baseline plan with the due date and other important dates, and the cost of the project to the client and a payment schedule. In this Chapter, we introduce and compare different types of contracts. In the context of scheduling, payment scheduling models are discussed. Identification and allocation of risks are treated as important components of contracts. Contracts reflect the results of a bidding process or some form of client-contractor negotiations. We formulate a bidding model for determining the bidding price and present different negotiation models.

Keywords: Project contracts; Contract types; Payment schedules; Risks; Bidding; Project cost estimates; Negotiation models (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sptchp:978-3-030-61423-2_9

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DOI: 10.1007/978-3-030-61423-2_9

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