The contracts that are not subject to unilateral changes in its provision and requires the performance of various functions and services for an extended period is called:
Click on the arrows to vote for the correct answer
A. B. C. D.B
The correct answer to the question is B. Long-duration.
Long-duration contracts are contracts that involve the performance of various functions and services for an extended period and are not subject to unilateral changes in their provisions. These types of contracts are commonly used in various industries, including insurance, banking, and real estate.
Long-duration contracts typically involve significant financial commitments by both parties and can have a significant impact on the financial statements of the parties involved. Examples of long-duration contracts include life insurance policies, annuity contracts, and service agreements for ongoing maintenance and support.
Long-duration contracts are different from short-duration contracts, which are contracts that are typically completed within a year or less, and medium-duration contracts, which are contracts that are completed within a period of one to three years.
Finally, fixed-duration contracts are contracts that have a set end date and cannot be terminated before that date without incurring penalties. These types of contracts are commonly used in employment contracts, rental agreements, and other similar arrangements.