ECOWAS Tenders Code Part III: Contract Execution Chapter I: General Provisions Article 62: Form of Contracts 1. The contract consists of all the documents which are referred to in Article 65 hereinafter. The contract must be duly endorsed and signed in accordance with the provisions of Articles 60 and 61 of this Code, prior to the commencement of execution of the contract. 2. Contracts shall include the following essential information amongst others: a) the names, designation and addresses of the contracting parties; b) the scope of supply, works or services; c) reference to the Articles of this Code under which the contract is concluded, and the listing by order of priority of contract documents as prescribed in the bidding documents; d) the sources of funds and language of the contract; e) the contract price with its terms of payment; f) the provisions for payment in foreign currency with respect to the inputs from non domestic sources; g) the period of execution of the works and services or the date of delivery of the goods; h) the conditions of acceptance or delivery of the goods, works or services; i) the conditions of payment and, where the contract value should be revised, the terms of the review and the conditions for its application; j) the amount of guarantee required; k) the requisite insurance cover to be provided by the successful bidder; l) where necessary the regulatory provisions governing international transit and transport operations; m) the provisions governing contract termination; n) the date of contract notification; o) the bank account where payments shall be made; p) the applicable law and competent jurisdiction in case of conflict arising out of the execution of the contract. Article 63 Types of Contract 1. Contracts can be classified into different categories according to the provisions governing the modalities for their execution as contained in the Procurement Manual. These include Framework ,Purchase Order Contract, Goodwill Contracts and Programme Contracts. 2. A framework contract is an agreement between one or several procuring entities aimed at establishing the terms governing contracts to be awarded over a given period, particularly with regard to the cost and, where appropriate, the quantities envisaged 3. A Purchase Order contract is a contract with which the Community negotiates contracts for its current yearly requirement, the exact quantity of which cannot be determined at the beginning of the year or which exceeds its storage capacity. Final Page 29