Planning and Project Management the Business Proposal

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Likewise, bid packages are documents that need to be as lucid and frank as possible. "Bid packages can be used in a number of industries, including business, it systems and telecommunications. But the most common industry where bid packages are used is construction. Basically, a bid package is a portfolio of all the documents needed to take part in an invitation bid. Those who will be bidding on the project can look at the bid package and determine if they fit the criteria. Bidders will need to meet the skills and qualifications listed, be able to complete the project on time and stay within the specified budget" (Tiffany, 2012). Such documentation can help all stakeholders in a given project have a clear understanding of what is requested, required and needed. All these facts are specified within the given context of the project scope and the timeline engaged.

In the simplest terms a contract is an agreement between two or more parties. Within this contract, all the parties involved agree to do or not do something (Steinberger, 2007). A contract is considered valid if it is enforceable (Steinberger, 2007).

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There are a variety of ways to terminate a contract and motivating forces that would cause one to do so. For example, a project manager might terminate a contract if the parties reneged on their agreement or the project had veered off focus. A project manager can terminate a contract via displacement, collapse, absorption, integration or deterioration (Thomson, 2004).

Finally, the difference between mediation and arbitration is important to know, even though they're often used interchangeably in common speech. However, they are similar in that they're both ways to avoid litigation (Murray, 2009). Mediation is a way to clear up misunderstandings (Murray, 2009). "In a dispute, a third party, known as a 'mediator,' is brought in to assist the parties in reaching a settlement" (Murray, 2009). The mediatory can suggest solutions or alternate approaches, but this person doesn't have the power to impose them (Murray, 2009). Similarly, an arbitrator is a third party who listens to both sides of the dispute, but who does have the power to determine and impose a finite decision that both parties have to fulfill (Murray,.....

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