The term contracting refers to an agreement between two parties, where one party agrees to provide a service or goods in exchange for payment from the other. This can be either a short-term arrangement or a long-term relationship that involves ongoing services or products. Contracts are legally binding documents that outline the terms and conditions of this agreement, including details such as pricing, timelines, and expectations. In business, contracting is an essential part of managing relationships with suppliers, customers, and other stakeholders. It helps to ensure that everyone understands their responsibilities and can plan accordingly.