What is a "Performance Based Agreement" Agreement?

What are they?

Performance Based legal agreement in which one organization agrees to pay another when they successfully finish the project or task they were employed to do In the agreements like these terms and conditions are mentioned to the contractor based on their accomplishments of measurable and achievable performance requirements.

Why needed?

To determine the quantitative and qualitative aspects of the performance with regards to the task agreed to accomplish in pursuant to the signed agreement between the parties assisting parties at both ends to function in accordance with the predetermined strategies and take preventive measure to dilute the unforseen risk.

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