CONTRACT MANAGEMENT STRATEGIES

In order to explain what contract management we must analyse the aspects and features of Contract management itself and these are:

Creation
Usually companies work from standard contracts, but sometimes they do have to be created from scratch and they often need to be changed as negotiations progress.
Negotiation
This ensures that the best possible contract is available to both parties.
Adherence
To all the clauses and aims specified in the contract.
Service Level Agreements
(SLA) and Key Performance Indicators (KPI) are set to manage the day-to-day performance.
Managing Changes
Amendments have to be brought in the contract as the relationship changes and problems arise.
Documenting
Any changes that may have been agreed have to be finalized and documented.
Analysing
The analysis of the benefits derived from the contract.

What is 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...

Why Contract Management is important?

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.

What should a Contract Management System have?

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...

What are the services provided under Contract Management?

Service delivery management is concerned with ensuring the service is being fully delivered as agreed between the parties...

Benefits of Contract Management

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...

Essentials of Contract Management

In order to explain what contract management we must analyze the aspects and features of Contract management itself and these are: