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Incentives
These are rewards given when vendor/contractor exceeds your expectation. Incentives should increase contractor?s profit. Incentives can be categorised as:
Caution must be exercised while combining cost, technical and schedule incentives in a contract to ensure that different incentives do not counteract or conflict with each other. Also, when more than one contract is awarded, one contractor who is given an incentive for early completion may complete his work early but this will turn out to be a benefit only if you can ensure that the following interfacing contractor can commence his work consistent with the previous contractor?s work completion.
Plan, design, deliver, and evaluate an original training or HRD development program that you might use in your organization or one that you are very familiar with.
C ontract close-out: Contract close-out begins with checking for physical completion, i.e., whether all services have been performed and products delivered. Closeout
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