This document discusses key concepts related to contract management and documentation. It defines a contract as a legally binding agreement between two or more parties. It also defines key contract terms like customers, suppliers, contract documents, common contract clauses, arbitration, force majeure, liquidated damages, testing, commissioning, performance guarantees, and more. The document emphasizes the importance of having all contract terms and conditions clearly documented in writing.

3. Harikesh Srivastava
On
“Contract management
and documentation”

5. A voluntary, deliberate,
and legally binding
agreement between two or
more component parties is
a Contract.

7. A customer (sometimes known
as a client, buyer, or purchaser)
is the recipient of a good,
service, product, or idea,
obtained from a seller, vendor,
or supplier for a monetary or
other valuable consideration.

8. Independent entity that agrees to
furnish certain number or
quantity of goods, material,
equipment, personnel, and/or
services that meet or exceed stated
requirements or specifications, at a
mutually agreed upon price and
within a specified timeframe to
another independent entity called
contractee, principal, or project
owner.

9. Executed
agreements,
supplementary
conditions,
drawings,
specifications,
and other records
specific to a
contract is term as
Contract
Document.

10.  Design & Engineering
 Supply
 Civil Works
 Site Fabrication, and
 Erection &
Commissioning

11. @ Arbitration
@ Completion Period
@ Exclusion
@ Force majeure
@ Insurance
@ Labor laws

12. @ Legal Construction / Jurisdiction
@ Liquidated damages / Indemnity
@ Payment Terms
Service / Works Contract Sales Tax
@ Safety
@ Termination

13. Settlement of a dispute (whether
of fact, law, or procedure)
between parties to a contract by a
neutral third party (the
Arbitrator) without resorting to
court action.

15. A French term literally
translated as "greater force", this
clause is included in contracts to
remove liability for natural and
unavoidable catastrophes that
interrupt the expected course of
events and restrict participants
from fulfilling obligations.

16. These are damages whose
amount the parties designate
during the formation of a
contract for the injured party to
collect as compensation upon a
specific breach.

17. @ For Delay in Supply
@ For Shortfall in Performance

18. If any item, product or services are not
delivered in accordance with the delivery
schedule stipulated in the subsequent
Purchase Order and/or agreed upon by both
the Buyer and the Seller, and if the delay in
delivery is not to unforeseen events (Act of
God, Labor dispute, etc) the supplier shall pay
liquidated damages.

20. It is a Process by which an
equipment, facility, or plant
(which is installed, or is
complete or near completion)
is tested to verify if it
functions according to its
design objectives or
specifications.

21. It is an occasion when we test
an equipment, facility, or
plant for the first time to find
out if it will be successful.

22. A performance guarantee is a
promise made that either a
system performs up to certain
expectations, or will continue
to perform well over a stated
time period.

23. A type of Physical test covering a wide
range of engineering or functional
evaluations where a material, product,
or system is not specified by detailed
material or component specifications:
rather, emphasis is on the final
measurable performance
characteristics.

24. The (successful) transfer
of ownership of a project
from contractor to client.

25. Any activity which involves the
buying or selling of goods or
services, or the exchange or attempt
or offer to exchange goods or
services for money, or for anything
of value.
“C.O.D.”

26. Every thing should be in Black &
White and duly recorded.

27. What
When
How

29. Indigenous Supply
(Domestic)
Export Supply

30.  Past
 Present
 FUTURE

31.  Civil work
 Site Fabrication
 Erection & Commissioning

32.  Downstream (Sub-Vendors)
 Upstream (Client)

34. Estimated Cost
Target Price

35.  Lead Time
 Value
 Need time (Duration of project)

36.  Engineering Clearance
 Test & Inspection Clearance
 Dispatch Clearance

37. Lock written guarantee on sub
vendors

39. Any Questions Please?