Payment Modes in Contract of Work Tendering: Lump Sum (Fixed Price) Payment Contracts

Description

This Skill Bit delves into contracts where a single, fixed price is agreed upon for completing a clearly defined project. This payment method is best suited for projects with minimal scope changes and low risk, providing cost certainty for both parties. Participants will learn about the advantages, challenges, and appropriate use cases for lump sum contracts, helping them manage financial risks while ensuring project success.

Duration approx. 4 Min.

Tier: proficiency