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16.104 Factors in selecting contract types. (a) Price competition. ... (b) Price analysis. ... (c) Cost analysis. ... (d) Type and complexity of the requirement. ... (e) Combining contract types. ... (f) Urgency of the requirement. ... (g) Period of performance or length of production run.
The Hawaii employment contract is a binding document that establishes new employment within a company. The contract states the type of paid position the employee will take part in. The agreement also declares the benefits the worker will gain while employed.
Contract selection is based on uncertainty of scope, assignment of risk, need for predictable costs, and the importance of meeting milestone dates. Total fixed cost is a single price where the scope is well defined.
Fixed Price Contracts. This is the best contract type when someone knows exactly what the scope of work is. Also known as a lump sum contract, this contract is the best way to keep costs low when you can predict the scope.
On the Basis of Formation Express Contract. Implied Contract. Quasi Contract. E-Contract.
Factors to be considered when selecting the appropriate contract type include: Price competition. ... Price analysis. ... Type and complexity of the requirement. ... Urgency of the requirement. ... Period of performance. ... Contractor's technical capability and financial responsibility. ... Adequacy of the contractor's accounting system.