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Likewise, bid packages are documents that need to be as lucid and frank as possible. "Bid packages can be used in a number of industries, including business, it systems and telecommunications. But the most common industry where bid packages are used is construction. Basically, a bid package is a portfolio of all the documents needed to take part in an invitation bid. Those who will be bidding on the project can look at the bid package and determine if they fit the criteria. Bidders will need to meet the skills and qualifications listed, be able to complete the project on time and stay within the specified budget" (Tiffany, 2012). Such documentation can help all stakeholders in a given project have a clear understanding of what is requested, required and needed. All these facts are specified within the given context of the project scope and the timeline engaged.
In the simplest terms a contract is an agreement between two or more parties. Within this contract, all the parties involved agree to do or not do something (Steinberger, 2007). A contract is considered valid if it is enforceable (Steinberger, 2007).
There are a variety of ways to terminate a contract and motivating forces that would cause one to do so. For example, a project manager might terminate a contract if the parties reneged on their agreement or the project had veered off focus. A project manager can terminate a contract via displacement, collapse, absorption, integration or deterioration (Thomson, 2004).
Finally, the difference between mediation and arbitration is important to know, even though they're often used interchangeably in common speech. However, they are similar in that they're both ways to avoid litigation (Murray, 2009). Mediation is a way to clear up misunderstandings (Murray, 2009). "In a dispute, a third party, known as a 'mediator,' is brought in to assist...
The mediatory can suggest solutions or alternate approaches, but this person doesn't have the power to impose them (Murray, 2009). Similarly, an arbitrator is a third party who listens to both sides of the dispute, but who does have the power to determine and impose a finite decision that both parties have to fulfill (Murray, 2009).
References
Fleming, Q. (2003). Project Procurement Management: Contracting, Subcontracting, Teaming. FMC Press.
Handfield, R. (2011, January 26). The Procurement Process - Creating a Sourcing Plan: Procurement: A Tutorial. Retrieved from ncsu.edu: http://scm.ncsu.edu/scm-articles/article/the-procurement-process-creating-a-sourcing-plan-procurement-a-tutorial
Lynch, J. (n.d.). Procurement Planning and the Procurement Plan: Why are they Important? Retrieved from procurementclassroom.com: http://www.procurementclassroom.com/procurement-planning-and-the-procurement-plan-why-are-they-important/
Murray, J. (2009, August 6). What is the Difference Between Arbitration and Mediation? Retrieved from About.com: http://biztaxlaw.about.com/b/2009/08/06/what-is-the-difference-between-arbitration-and-mediation-2.htm
Projectmanagementlexicon.com. (2013). Procurement Statement of Work. Retrieved from Projectmanagementlexicon.com: http://www.projectmanagementlexicon.com/procurement-statement-of-work/
Steinberger, J. (2007, February 28). Is This Contract Valid? Retrieved from Entreprenuer.com: http://www.entrepreneur.com/article/175238
Tiffany, S. (2012, December 21). What Information is Included in a Bid Package? Retrieved from Constructionreports.com: http://www.constructionreports.com/what-information-is-included-in-a-bid-package/
Venue of the Festival Park is almost rectangular in plan with a side of 1000 meters by 750 meters and is familiarize with the long sides lying GCC SSE. In what direction is to follows N. To S. For convenience. It is situated at grid reference TQ390772. Park stretches along the slope and at two levels. At the lowest level (closest to the museum, the Queen's House, and behind them, the
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Project Management February J. 2014 A project is a temporary group of activity designed to produce unique products and services or results. Typically, a project has a defined beginning and end and therefore having defined scope and resources. (Pierre, 2012). A project also has a specific set of operations to accomplish a singular goal. Examples of projects are as follows: Development of software to improve business process, Construction of bridge or building, Expansion of sales