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Par contract is a type of a contract that is a part of competitive bidding, it means that both the sides are bidding; this feature gives par contract the extra dimension of sacrificial bidding. Due to this the theoretical optimum contract can also be taken over by the par contract. The par contract makes sure that the contract in which both the sides that are bidding have reached their optimum level and cannot improve any further. The beauty of the contract is that it can either be equal to the maximum value of the contract of one side, or it can exceed the optimum value of both the sides.
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