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The Role Of Legal Assessment On Tender Of Contracts In Nigeria
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5. Project management is the discipline of
planning, organizing, motivating, and controlling resources to achieve
specific goals. A project is a temporary endeavour with a defined
beginning and end (usually time-constrained, and often constrained by
funding or deliverables), undertaken to meet unique goals and
objectives, typically to bring about beneficial change or added value.
The temporary nature of projects stands in contrast with business as
usual (or operations), which are repetitive, permanent, or
semi-permanent functional activities to produce products or services. In
practice, the management of these two systems is often quite different,
and as such requires the development of distinct technical skills and
management strategies.
5. Contract: Erikson (2002) defined Contract
as an agreement that creates an obligation binding upon the parties
thereto. The essentials of a contract are as follows: (1) mutual assent;
(2) a legal consideration, which in most instances need not be
pecuniary; (3) parties who have legal capacity to make a contract; (4)
absence of fraud or duress; and (5) a subject matter that is not illegal
or against public policy.
6. Contract Planning: According to Simmons
(2007), Contract planning is the process of systematically and
efficiently managing contract creation, execution and analysis for
maximising operational and financial performance and minimising risk.
7.
Cost: Hudson (1999) defined cost as the value of money that has been
used up to produce something, and hence is not available for use
anymore. In business, the cost may be one of acquisition, in which case
the amount of money expended to acquire it is counted as cost. In this
case, money is the input that is gone in order to acquire the thing.
This acquisition cost may be the sum of the cost of production as
incurred by the original producer, and further costs of transaction as
incurred by the acquirer over and above the price paid to the producer.
Usually, the price also includes a mark-up for profit over the cost of
production.
8. General contractor, organization or individual that
contracts with another organization or individual (the owner) for the
construction of a building, road or other facility.
REFERENCES:
Eziokwu S.A., Good Governance: - Theory and Practice (2008): - The Regent Publishing Co. Ltd, Abuja.
Ladan
M.T. (2002) Civil Society and Government Relations: - The Ideal. A
paper presented at a one-day seminar organized by the Civil Liberties
Organization, North-West Zone, held in Kaduna.
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