DOCUMENT

PROCEDURE - How To Draft A Contract 2005

  • YEAR CREATED: 2005
  • ENTITY TYPE: State
  • TYPE OF DOCUMENT: POL - Policies/Procedures
This document is a manual on contract procedures and management, specifically focused on drafting contracts in the context of state contracts. It provides detailed guidance on various aspects of contract drafting, including the use of recitals to describe important facts and the scope of work or statement of work to define the actual work to be done. The document also discusses payment terms, including the amount, timing, and method of payment. In addition to the previously mentioned payment arrangements such as firm, fixed price contracts and cost reimbursement contracts, the document highlights the complexities and risks associated with cost reimbursement contracts. It emphasizes the need for proper cost accounting in such contracts to ensure transparency and prevent potential issues. Furthermore, the document introduces the concept of time and material/labor hour contracts. These types of contracts are utilized when the service level is the primary component of the work or when it is challenging to determine a specific price for the "deliverable." Overall, the document serves as a comprehensive guide for drafting contracts in the context of state contracts, covering various important aspects such as recitals, scope of work, payment terms, and different types of contracts including cost reimbursement and time and material/labor hour contracts.
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