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It is a legal contract where one organization accepts to pay another when they successfully finish the task they were supposed to do. What should be included in a Performance Contract?
The following points should be included in a performance contract: An offer from one party An acceptance from the other party Competent parries who ave the capacity to get a legal contract All the legal terms, conditions and obligations to be followed Consideration of all sides of the contract Budget and other details.
Why is Performance Contract important? A performance contract is important because it is enforceable by law and it has mutual acceptance from all the parties involved in it. One makes an offer while the other accepts the offer. If anyone in these parties cannot fulfill the obligations, then the other can take legal action against them if needed. What is the Essence of any Contract?
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