Locate and read a project procurement contract in your company. Assess the following elements:
- How are the parties identified?
- What is the purpose of the contract? Are there any stated assumptions or restrictions?
- How is the work described?
- What are the deliverables and when are they due?
- What is the pricing model, payment schedule and payment terms?
- What are the duties and rights of each party?
- What are the terms and conditions:
- Liability and indemnification clauses
- Ownership of intellectual property
- Other terms and conditions?
Once you have a clear understanding of the contract, explain the above elements in a paper and include an analysis of potential legal and ethical problems that could arise from this contract in case of vendor neglect, project delays, or other circumstances that will require changes to scope, deliverables, schedule, or budget. Explain how the contract might be improved to reduce risks of loss to your company from this contract. Provide an example of how the suggested improvements would work.
Support your paper with minimum of five (5) scholarly resources. In addition to these specified resources, other appropriate scholarly resources, including older articles, may be included.
Length: 5-7 pages not including title and reference pages