Contracts are agreements between the Customer and Vendor to supply materials/services for a specific price between a fixed period of time. Many possible types of contracts exists based on the types of contracts. For example, there are maintenance contracts, service contracts, quantity contracts, value contracts all of which we will be discussing over the course of this article. The bottom line however remains the same - A contract is an agreement between the Customer and vendor to supply goods/materials/services of specific quantity/value for a specific price over a specified period. Let's discuss the different types of contracts.
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