he first step of contract management is the creation of the contract. This is the base of the entire process of contract formation. Creation of the contract includes defining or specifying the scope of the contract, process definitions, the consent of the parties, and selection of software as a tool for contract management, appointment of persons of expertise at different levels, etc.
A process definition includes what exactly is the issue the parties are coming together for. It would also include the consideration of both the parties. As always, the consent of the parties is necessary in the formation of the contract. During the creation of the contract the parties should also look into the bigger picture , in essence the long term strategy. However these agreements or strategy are not permanent as they can be changed in future in the process of contract management.
Contracts and partnerships are an essential part of today’s business culture. Contract management is becoming an integral part of project management, and...
Contract Management is important for the parties because:
It set standards for the services, performance or goods provided by one party to the other party.
The Contract Management System should be such that it yields more benefits rather than adding on to your present set of troubles and the system should consist of...
Service delivery management is concerned with ensuring the service is being fully delivered as agreed between the parties...
Standardized Processes and Procedures: This ensures that the contracts are all created, maintained and monitored in a standardised manner and reduces the risk on the parties...
In order to explain what contract management we must analyze the aspects and features of Contract management itself and these are: