Quick Glossary: Vendor Contract Terminology
Successful vendor/business transactions don’t just happen. Such transactions require a negotiated set of terms and conditions and the establishment of a mutually beneficial financial relationship between the two parties. This is why, for efficiency’s sake, the vendor/business relationship is often described in specific detail in the form of a legally binding written vendor contract.
This glossary from TechRepublic Premium explains terms and concepts most often associated with commercial vendor contracts.
From the glossary:
TIME AND MATERIALS CONTRACTS
Contracts that do not have a predetermined schedule or budget included. Typically, this contract is negotiated out of necessity and is the norm for construction contracts where building materials and calendars often require revision throughout the project.
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