Final answer:
EGBC professionals typically encounter Employment Contracts, Consultancy Contracts, and Procurement Contracts. These contracts cover terms of employment, expert services, and the purchase of goods or services. Understanding these contracts is essential for professionals to know their rights and responsibilities.
Step-by-step explanation:
The three types of contracts that EGBC professionals may encounter during their careers include Employment Contracts, Consultancy Contracts, and Procurement Contracts. An Employment Contract is a legal agreement outlining the terms of employment between an employer and employee, including elements such as salary, responsibilities, rights, and benefits. The contract specifies the employment status of an individual, which can be in various forms such as casual, part-time, co-op, contract, or permanent. A Consultancy Contract is often used when an individual or firm is hired to provide expert advice or services on a particular project or for a specific duration. Lastly, Procurement Contracts are formal agreements that outline the terms, conditions, and processes of purchasing goods or services from an external supplier.
Each type of contract holds specific details that are crucial for professionals to understand in order to know their responsibilities and rights. It's imperative to read any contract carefully before agreeing to the terms to ensure complete understanding of the obligations entailed.