This is the most important benefit about having a contract management system. All potential risks should be identified and managed. All issues, exceptions and problems should be managed and escalated to the appropriate management level. They should all be resolved within an appropriate time frame. If one party feels like certain changes are to be incorporated then the same can be done in accordance with the terms specified in the contract and these have to be acknowledged by the other party.
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: