DSCM403 PURCHASING AND CONTRACTING FOR PROJECTS FEB MARCH 2025

Description

SESSION	FEB-MARCH 2025
PROGRAM	MASTER OF BUSINESS ADMINISTRATION (MBA)
SEMESTER	4
COURSE CODE & NAME	DSCM403 PURCHASING AND CONTRACTING FOR PROJECTS

 

 

Assignment Set – 1

 

 

Q1. Explain the concept of Procurement. Also, to detail the various types of Procurement. 3+7

Ans 1.

Concept of Procurement and Types of Procurement

Concept of Procurement

Procurement is a strategic business function that involves the process of acquiring goods, services, or works from an external source. In the context of project management, procurement includes all the activities necessary to acquire resources essential for completing a project within scope, budget, and time. Procurement goes beyond simple purchasing—it includes identifying needs, developing specifications, sourcing suppliers, negotiating contracts, and managing supplier performance. Effective procurement helps in cost control,

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Q2. Detailed the factors influencing contracting strategies. 10    

Ans 2.

Factors Influencing Contracting Strategies

Contracting Strategies

Contracting strategies refer to the approach taken to define, allocate, and manage responsibilities and risks in a contract between a buyer and a seller. These strategies outline how goods, services, or works will be procured, delivered, and paid for during a project. The objective is to create a legal framework that supports project goals while minimizing risks for both parties. Selecting the right contracting strategy is essential for managing timelines, quality, and budget in any project.

Project Complexity and Scope

One of the most important factors influencing contracting strategies is the complexity and

 

 

 

Q3. Detailed the concept of Fixed-Price Contract. Further to explain the advantages and disadvantages of fixed-price contracts. 2+4+4

Ans 3.

Concept, Advantages and Disadvantages of Fixed-Price Contracts

Concept of Fixed-Price Contracts

A fixed-price contract is a procurement arrangement in which the contractor agrees to deliver goods, services, or works at a pre-determined price regardless of the actual costs incurred during execution. This type of contract is often used when the scope of work is well-defined and unlikely to change during the course of the project. The buyer is assured of price stability, while the seller assumes the risk of cost overruns. Fixed-price contracts are

 

 

Assignment Set – 2

 

 

Q4. Explain various contents of a Contracts. 10   

Contents of a Contract

A contract is a legally binding agreement that outlines the roles, responsibilities, and obligations of the parties involved in a transaction. In project procurement, contracts serve as the formal foundation for the relationship between the buyer and supplier or contractor. For a contract to be effective, it must include specific clauses that address operational, financial, legal, and risk-related aspects of the agreement. These elements provide clarity, reduce

 

 

Q5. What do you mean by Payment Security? Detail various types of Payment Security.

Ans 5.

Meaning and Types of Payment Security

Payment Security

Payment security refers to the mechanisms used to ensure that the buyer fulfills their financial obligations under a contract. It protects the seller or contractor from the risk of non-payment or delayed payment by the buyer. In project procurement and construction contracts, especially in international settings, payment security provides assurance that the contracted amount will be paid as per the agreed terms. It is particularly crucial in long-term, capital-

 

 

Q6. Write a detailed note on Finalizing a Contract. Also, to discuss Key steps involved in finalizing a Contract.           

Ans 6.

Finalizing a Contract and Key Steps Involved

Contract Finalization

Finalizing a contract refers to the process of concluding all negotiations and formalizing the agreement between parties into a legally enforceable document. It marks the transition from planning and discussion to execution and implementation. The finalization phase ensures that all terms, obligations, deliverables, timelines, and legal implications are clearly understood, agreed upon, and documented. A finalized contract offers legal protection and minimizes misunderstandings during project execution.

This process is especially critical in large or complex projects involving multiple