Briefly Describe the Options Available to a Party to a Contract

question 49

Essay

Briefly describe the options available to a party to a contract who wishes to avoid problems related to cost increases.

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Definitions:

Standard Operating Procedures

Established or prescribed methods to be followed routinely for the performance of designated operations or in designated situations.

Employee Manuals

Documents that outline a company's policies, procedures, and expectations for its employees.

Zero-based Budget

A budgeting method where all expenses must be justified for each new period, starting from a "zero base," rather than just adjusting previous budgets.

Project Schedule

A timeline that outlines the planned start and finish dates of various tasks or activities within a project.