PMP Exam Simulator

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4h 0m 0s
info iconPMP exam lasts 4h and has 200 questions
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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: