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)