Scribd
Upload
35 views6 pages

Types of Contract

The document discusses different types of contracts including bilateral, unilateral, express, implied, formal, and informal contracts. It also discusses government procurement contracts, service contracts, works contracts and the tendering process for government contracts.

Uploaded by

kirtichourasia14
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
35 views6 pages

Types of Contract

The document discusses different types of contracts including bilateral, unilateral, express, implied, formal, and informal contracts. It also discusses government procurement contracts, service contracts, works contracts and the tendering process for government contracts.

Uploaded by

kirtichourasia14
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
You are on page 1/ 6

Types of contracts

Sample Footer Text

• Bilateral contracts: These are the most common type of contract, and they involve
two parties who agree to exchange something of value
• Unilateral contracts: These contracts involve only one party making a promise to
another party
• Express contracts: These contracts are created when the parties involved clearly and
explicitly state their agreement, either orally or in writing
• Implied contracts: These contracts are created when the parties involved do not
explicitly state their agreement, but their actions or conduct imply that they have
reached an agreement
• Formal contracts: These contracts are written down and signed by the parties
involved

04/25/2024 2
Sample Footer Text

• Informal contracts: These contracts are not written down, and they are often based
on spoken agreements or customs
• Executed Contract: A contract in which all of the obligations of both parties have
been completely fulfilled
• Executory Contract: Definition: A contract in which some or all of the obligations of
one or both parties remain outstanding or unfulfilled
• Reciprocal Promises: In a contract, reciprocal promises refer to the commitments
made by each party to the other
• Validity: Valid, Void, Voidable

04/25/2024 3
Sample Footer Text

Government • Procurement contracts: involve the purchase of


goods, materials, equipment, or software by the government
Contract • Service contracts: involve the hiring of individuals or companies to
provide specific services like consultancy, maintenance, or operation
of facilities
• Works contracts: involve the construction, development, or repair of
infrastructure projects like roads, bridges, buildings, or irrigation
systems
• Tendering: The government invites bids from interested vendors
through open tenders or closed tenders
• Technical evaluation: Bids are evaluated for technical compliance
with the tender requirements
• Financial evaluation: Technically qualified bids are further evaluated
based on price and other commercial terms

04/25/2024 4
Sample Footer Text

Government • Contract award: The contract is awarded to the bidder who meets all the
requirements and offers the most advantageous terms
Contract • Constitution of India, Article 299: mandates that all government contracts be
made in writing and executed on behalf of the President or Governor
• General Financial Rules : prescribe the procedures for
procurement, tendering, and contract management
• Central Vigilance Commission : oversees compliance with ethical norms and
prevents corruption in government contracts
• State-specific procurement rules: Each state may have additional rules and
regulations governing government contracts
• Transparency and fairness: Ensuring a fair and transparent bidding process is
crucial to avoid corruption and favoritism

04/25/2024 5
Sample Footer Text

Government Contract • Efficiency and timely


completion: Streamlining the procurement
process and project execution is essential
for timely completion of projects within
budget
• Promoting participation of
MSMEs: Encouraging participation of
Micro, Small and Medium Enterprises in
government contracts can boost economic
growth and create jobs

04/25/2024 6

You might also like