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Contracts: Thinking in contracts: The role of intelligent procurement

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Contracts, the legal documents capturing the formal agreements between people, parties or groups are often of little interest to project managers. Devised by lawyers, they tend to emphasise the enforcement of promise-based obligations to perform a particular duty, supply certain goods, provide a given service or commit a specific act. Contracts are typically phrased in a legal language that endeavours to identify all contingencies and deliver a legally binding and enforceable agreement.