Define contract and state its types.

Define contract and state its types.
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Answer :

Definition of Contract:- The agreement between two parties under some specific terms and conditions is known as contract. 

Types of Engineering contract:- 1) Lump sum contract 2) Item rate contract 3) Cost + % rate contract 4) Target rate contract 5) Material supply contract 6) Labour contract 7) Sub contract 8) All in one contract 9) D.G.S. of ‘D’ rate contract 10)Cost plus(+) percentage variable rate contract 11)Cost plus(+) fluctuating fees rate contract 12) Cost plus(+) fix fee contract 

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