Abstract
It is often the case today, that projects are composed of one or multiple procurement contracts for the goods and/or services required for the project. The successful completion of a project is heavily dependent upon the performance of such contracts. In order to select and effectively manage the performance of the contractors, project managers must be aware of the various contract types and be familiar with the characteristics of contract practices per each contract type. This paper introduces various types of procurement contracts, explains characteristics of each type and tries to provide some ideas for project managers for managing those contracts.
