Railway Accounts Department Examinations

Showing posts with label Fixed Quantity Contract. Show all posts
Showing posts with label Fixed Quantity Contract. Show all posts

Wednesday, December 20, 2023

Stores Contracts - Types (Rate, Running & Fixed Quantity)

 


Stores Contracts - Types 


Rate Contacts - features:


  • Supply materials on demand, irrespectively of quantity 


  • Supplying the materials during the period of currency of the Contract 

 

  • Fixed unit rates 


Running Contracts - features: 


  • Specified quantity - with a percentage of tolerance either way 

 

  • Supplying the materials during the period of currency of the Contract  

 

  • Fixed unit rates  


Fixed Quantity Contracts - features: 

 

  • Definite quantity  (in one or more installments) 

 

  • Supplying the materials by a definite date 

 

  • At the agreed rates. 



Comparison of Stores Contracts 


Type/Feature

Rate Contract

Running Contract

Fixed Quantity Contract

Quantity

Irrespective of

(Whatever, the Purchaser demands)

Specified 

(with a % tolerance either way)

Fixed 

(Definite)

Rate

Fixed

Fixed

Agreed

Delivery Date

As and when ordered 

(During the period of currency) 

As and when ordered 

(During the period of currency) 

By a Definite Date 

(in One or more installments)