Terms and Conditions of Contracts for Projects from POME by Gautam Koppala VT
wants Project/ Product/ Services Organization to begin work and Project/ Product/ Services Organization requires a binding commitment from the customer prior to doing so.
To accommodate these circumstances a Letter of Contract can be utilized. A Letter of Contract is designed for the typical situation where Project/ Product/ Services Organization and another party want to establish a basic agreement in a binding legal document for a sales transaction. Project/ Product/ Services Organization must develop a standard form Letter of Contract for use in these situations. A Letter of Contract can be written to contractually obligate the parties to the entire project or can be limited to a portion of the project, such as, the Engineering Front End loading. The exact details of the portion to be booked using a Letter of Contract must be clearly and completely
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