STEPS IN CONTRACT MANAGEMENT

There are three vital steps in the process of Contract Management and these are:

Repository and Officers
Creation of a centralised contract repository, appointment of person of expertise at each level of the process, issuing contract templates and a contract management handbook is the first step in the process of Contract Management.
Activation
The second step is to activate or incorporate the contract as a part of the business. This involves the integration of the contract into the project of the company.
Strategy
The third step is to formulate a strategy and finalise a long term plan and to the manner in which the plan is to be implemented by way of the Contract. This would help the organisation in contract management.

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: