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The document is an agreement between two parties, Alpha and Beta, to extend the performance date of a prior contract due to the inability to meet the original completion date. It outlines the new performance date, stipulates that no further extensions will be allowed, and includes provisions regarding governing law, notices, attorney's fees, modifications, and assignment of rights. The agreement emphasizes that it constitutes the entire understanding between the parties.

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What is an example of a performance based contract?

For example, a utility company could enter into a performance-based contract for the purchase of maintenance services for a turbine. The utility company would establish a technically specific scope of work with specific performance metrics.

What is the performance contracting?

Performance contracting is a freely negotiated performance agreement between a government, acting as the owner of a public agency and the management of the agency.

What is an example of a specific performance contract?

The Parties parties hereto agree that irreparable damage would occur if in the event any provision of this Agreement were not performed in ance with the terms hereof and that the parties hereto shall be entitled to specific performance of the terms hereof, in addition to any other remedy to which they are

What is in a performance contract?

a legal agreement in which one organization agrees to pay another when they successfully finish the project or task they were employed to do: The street lighting service is delivered through a performance contract.

What is meant by performance-based contracts?

Performance-based contracting means structuring all aspects of an acquisition around the purpose of the work to be performed with the contract requirements set forth in clear, specific and objective terms with measurable outcomes as opposed to either the manner by which the work is to be performed or broad and

What are the types of performance based contracts?

The two most frequently used are fixed-price incentive contracts and cost plus incentive-fee contracts. The two constants are that a portion of supplier payment is based on performance and that the supplier shares some degree of risk on the contract.

What is performance of contract with an example?

The term Performance of contract means that both, the promisor, and the promisee have fulfilled their respective obligations, which the contract placed upon them. For Ex A visits a stationery shop to buy a calculator. The shopkeeper delivers the calculator and A pays the price.

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