PMP Exam Simulator

Duration

Questions

Accelerate Mock ExamDisplay correct answer

PMP exam lasts 230min and has 180 questions

Use acceleration to have extra 30m in reserve on exam

Procurement Management

You are a project manager of a construction company and you have an intern to teach. You decide to start with in-depth information regarding contracts, as it's essential to know everything about contracts in your business. You explain that a contract is an agreement between two parties. It includes all the requirements of the project such as business terms regarding payments, reporting requirements, marketing and the proposal. Also, it's the output of procurement management. All of the following statements about contracts are true EXCEPT:

Changes to the contract must be made formally in writing and submitted to integrated change control.

Contracts should help reduce project risks.

Contracts are legally binding unless it's in violation of applicable law.

The buyer cannot terminate the contract before the work is complete if they no longer want the work done.