Describe the Common Transactional Functions That Intermediaries Perform

question 77

Essay

Describe the common transactional functions that intermediaries perform.

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Definitions:

Fixed Fee

A pricing structure where the cost of a service or project is agreed upon upfront and not subject to change based on time or resources used.

Cost Reimbursable Contract

A type of contract where the buyer reimburses the seller for all legitimate costs incurred plus a fee representing profit.

Profit

The financial gain obtained when the revenue generated from business activities exceeds the expenses, costs, and taxes involved in maintaining the business.

Punch List

A document listing work that does not conform to contract specifications, needing completion or correction before project finalization.