Most Widely Used Contracts in Project Management Explained by Professional Translation Services

According to the law, a contract is an agreement that is voluntarily made between two or more parties as a legal binding arrangement. Contracts can be either bilateral or unilateral. In a bilateral contract, both the parties make one or several promises to each other. While in a unilateral contract, only one party makes a promise whereas the other side does not promise anything.

In Portugal, the project manager is the consultant of a company who is appointed on behalf of the client in order to co-ordinate, supervise and control the entire project along with the other parties such as the architect, contractor etc. The project manager acting as an advisor, signs an obligation contract with his client, meaning that he will try to satisfy the needs of his client to the best of his knowledge. Check out the Portuguese Contracts Translation Services, if you are starting a new business in project management and want more information regarding contracts in Portugal.

In Portugal, people coming from other countries use Documents Translation Services widely, because a lot of them are not familiar with this language. Since project management contracts are legal agreements between you and your clients, you just need to select the contract that best suits your needs and then negotiate the terms and conditions. Some of the types of contracts relating to project management are mentioned below.

Fixed Price Contracts

These contracts are also known as lump-sum contracts and have clear-cut terms and conditions where you agree to provide specific services in exchange for a cash payment. Before you sign a fixed price contract, you have to know the details about your work and also the payment you are going to receive. These contracts encourage competence and severe cost control measures, since your profit is reduced by extra cost.

Cost Reimbursement Contracts

With this type of contract, you are paid extra for all your other expenses along with an additional amount as profit. Fundamentally, it is not required to control your cost or even complete the project on time. Though, this can lead to disputes and possible lawsuit between your client and your company, your profit is calculated as the percentage of the project cost.

In Portugal, the professionals here take care of the people at the best level. So, the Portuguese get in touch with the best Language Translation Services thus, creating a wonderful way out for the people coming from other regions. Similarly, the best technique is to hire the Portuguese Contracts Translation Services, if you want to enhance your project management business.

Time and Material Contracts

These contracts are a combination of both the fixed price contracts as well as the cost reimbursement contracts. The services you provide depend on the actual payment, the structure of your job, general and administrative price and of course on your profit.

Unit Rate Contracts

When you sign a unit rate contract, you are paid according to the agreement between you and your client. The rate can be based on the number of hours you have worked or on the actual cost of the materials along with the supplies you have used. The number of hours is multiplied as agreed upon the labor rate in the agreement. Whereas, the materials and supplies are charged at the regular purchase price.

In different areas, a lot of people are unknown to the Portuguese language. You can take advantage of the Portuguese Contracts Quality Translation Services, if you have any more questions about the types of contracts in project management.