PMP Exam Simulator

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3h 50m 0s
info iconPMP exam lasts 230min and has 180 questions
info iconUse acceleration to have extra 30m in reserve on exam

lock iconProcurement Management

You are a project manager of a construction company and you have an intern to teach. You decide to start with in-depth information regarding contracts, as it's essential to know everything about contracts in your business. You explain that a contract is an agreement between two parties. It includes all the requirements of the project such as business terms regarding payments, reporting requirements, marketing and the proposal. Also, it's the output of procurement management. All of the following statements about contracts are true EXCEPT: