CMG401 MOD 5 SLP - Essay ExampleIt is vital to read and comprehend the terms of the contract before signing it. This often looks like an overwhelming task, but it is beneficial to everyone, in the long run (Watson 125). This paper will examine the social economic responsibilities that apply to a government contract.An agreement by the government on goods and services that demands a formal, signed document will have to be honoured by the parties involved. There are economic implications that this failure can have on the business involved. The government may stop the funding of the project altogether, and demand some of it. This means that, the party involved will have spent capital that they need to refund because they failed to honour the contract. Another economic responsibility the contract may have on the procuring party is that; they need to execute the plans as per the terms of the contract (Nativel 153). This is lest they fail to give the government what they need.
