Why law of contract is important for Mechanical engineers? Give three examples
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Contracts form the basis of an engineer's work, and contracts are legally binding documents. Understanding the basics of contract law protects engineers' rights and obligations, and it helps avoid potential lawsuits due to accidental breach of contract.
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Contracts make sure that products and services are paid for in a timely manner. An engineering contract should outline when payments will be received, from whom, and how much, as well as instructions for invoicing.
The three most common contract types include:
◼Fixed-price contracts.
◼Cost-plus contracts.
◼Time and materials contracts.
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