A complete contract is an important concept from contract theory.
If the parties to an agreement could specify their respective rights and duties for every possible future state of the world, their contract would be complete. There would be no gaps in the terms of the contract.
However, because it would be prohibitively expensive to write a complete contract, contracts in the real world are usually incomplete. When a dispute arises and the case falls into a gap in the contract, the courts must step in and fill in the gap. The idea of a complete contract is closely related to the notion of Default rules, e.g. legal rules that will fill the gap in a contract in the absence of a agreed upon provision.
If you are the contracting officer responsible for contract administration, determine the contract surveillance requirements based on the criticality of the contract requirement to the Government and the circumstances affecting contract performance.
The estimated additional cost to complete the contract may be the last estimate made, adjusted for costs incurred since the last estimate.
For cost-reimbursement contracts, you must determine the most appropriate action considering that the Government is responsible for reimbursing the contractor for all allowable costs up to the cost and funding limits established in the contract.
A sales contract is usually a complete form in and of itself, however, you will find that rare is the case where the contract is complete in and of itself.
In essence, the contract for the new house is contingent on the buyer being able to sell his or her current house.
For instance, the contract may be for $200,000, but the escalation clause allows their buyer agent to offer $1,000 higher than the highest contract, but not to surpass a $225,000 sales price.
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