Contract and its types - Fixed Price (FP), Cost Reimbursable (CR), Time and Materials (T and M)
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- เผยแพร่เมื่อ 29 มิ.ย. 2024
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Straight To The Point.
No Unnecessary Time Wasting Talk.
Brilliant.
Thank You.
You're welcome, Roger. Glad you enjoyed the content, don't forget to subscribe for more 😊👍
I would choose Cost Reimbursable contracts over the two. Since we are delivering a good quality product, and the owner will shoulder the materials needed in the project, there's no need to worry about the price escalation and inflation rate impact.
Thanks for sharing Bobby 👍
Well explained about the contract now I clearly understand about the types of contacts such as fixed contract fixed contracts means for the particular date day and time and some disadvantages if we broke the contract. Thank you so much.
I'm glad to hear that the explanation about contracts was helpful to you! Understanding the different types of contracts, like fixed contracts, is essential for ensuring clarity and smooth project execution. Indeed, fixed contracts provide specific terms regarding dates, times, and deliverables, but they also come with their own set of advantages and disadvantages, such as potential repercussions if the contract is breached. Thank you for your feedback, and if you have any more questions or need further clarification on project management topics, feel free to reach out or subscribe to our channel for more informative content. Happy contracting! 📜💼
Very good video, it's was resourceful
Glad the video helped Jaydeep, don't forget to subscribe for more on project management 😊👍
Simple, Crisp and to the point explanation. No Bakwas .. thank you. 🙏👍
My pleasure 😊
The best video online for contract types. Thank you
Wow, thanks! 🙂👍
Nice video. Easy understanding with simple examples dear.
Thanks Raju, glad you found this video helpful 😊👍
Best video. Got insight of contract. Thanks a lot
Glad it was helpful! 🙂👍
Well though out with great information. Thank you for sharing.
Thanks for watching Stephen! Don't forget to subscribe for more 👍
Thank you very much Sir for this video. Very concise, precise and direct. I find it very helpful.
Regarding your question, I will opt for the Firm Fixed Price contract
Thank you for your comment. Glad you found the video helpful, don't forget to subscribe for more 🙂👍
Thankyou for your insightful and easy to follow videos. In reply to your end question I would choose FFP. The basis is to appreciate that the majority of home buyers (in this region and I suspect as for others) have a tight budget with an understanding that there is probability of some some or addition. If the buyers are astute they would allow for certain known unknowns and possibly unknown unknowns including the possibility of building delays which have high probability. The only reason I consider to add an incentive would be in a situation where the buyer/s locked into a settlement date and/or need to move out of the house they sold on a particular date. The incentive would afford them to address certain risk for that situation.
I would suggest the buyers (like the majority of us) would want to hold onto every penny they can and wouldn't be aware of the likelyhood they are being charged higher by the seller for certain items. Now that I'm aware of this downside I'd still chose FFP based on the reasoning I provided you.
Thankyou again and I look forward to continue watching your informative videos!
P.S - I'm definitely not in the real-estate or home loan line of business, am trying to use critical thinking and iterate scenarios
Like your reasoning 👍
Best explained. Thanks. Helped me a lot.
Glad it helped Zsofia, don't forget to subscribe for more 😊👍
Excellent 🇮🇳
Thanks Amit 😊
Thank you great information
Glad you liked it Daliso 👍
Sir I appreciate your posting of this video. I just note that Fixed price with Award is not mentioned in Pmbok 6th Ed.
Yes, you are right 😊👍
I would go for Time and material contract. The reason is the price per square feet of enclosed area and linear meter of length is known in market. I will provide material for construction and then will supervise the quality of work....😉
(Waiting for your response)
Great point 👍😊
Very good presentation.thank u
You are most welcome 😊👍
Thank you, that was very helpful
You're welcome, don't forget to subscribe for more 😊👍
thnx for sharing this. learned a lot.
Hi Faruq, Glad it was helpful! Don't forget to subscribe for more 😊👍
Hello, just a question about other contract I.e: Express, implied and so on. Are they different from these ones in procurement?
thanks great articulation
Thanks for watching!
Hi
I checked the guides for PMBOK 6 and 7 and cannot find where Fixed Price Award Fee is covered. Could you shed some light on where this is covered?
Can you please make video on fixed-price work packages as your videos provide best explanations on pmp topics.
Excellent
Thanks, don't forget to subscribe 🙂👍
great
Thanks Robert 😊👍
I would go with Fixed price plus award fee, as in other contracts, seller can quote high amount for materials and needs close monitoring..FPAF would motivate the seller to finish before the date and we can fix the nominal award fee as well..
Thanks for your comment and sharing your perspective Aditi 😊👍
FFP a good choice for the housing contract?
Please make some videos to calculate the final fees and final price!!!
I would go probably with FPAF or FPIF. Choosing FPP will be little risky as we are constructing our house and have absolutely clear cut scope will not be possible. Some of the cosmetics changes would definitely come up and that point of time, vendor will charge more
Good point 😊👍
Fixed price contract
I would prefer FPC for construction of my house
Thanks for sharing Kamran. But if you had to make any changes in your plan after construction work began, what would happen to the Fixed Price?
I go for FPAF. Also I think you haven’t mentioned FPEPA
Check out this video for FPEPA - th-cam.com/video/PPST1n5dzvI/w-d-xo.html
Firmed Fixed Price
T&M
FPAF OR FFP
Probably FPIF
Time and Material
Why? 🙂
I am 2013 passout. I worked as a project Engineer from may 2013 to july2016. After that I came in dubai and worked as a technician from august 2016 to till date.
Kindly suggest me
1. Can I fill application as a technician & show my experience (I did many project)
2. Suppose if I show my experience in june 2013 to July 2016 its batter?and will they accept my application in this case?
Kindly suggest me which experience is batter to show in application.
I required your suggestions and I always follow your vidio and tips.
Kindly support me sir.
You need to show experience in Project Management activities. So whichever work experience corresponds to project management activities, that is the one that you should show in your application. All the best 👍🙂
PMC Lounge sir kindly suggest me what I put in project role and job title in pmp application
Fixed price...
FPIP
Why not FFP?
Fixed price cost
👍👍
I'm confused on the buyer/seller.
From PMP exam, assume you are the buyer. Hopefully the video will be able to explain further 👍
@@pmclounge Okay I'll re-watch it. Thank you.