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Contract Management


This is the step where the parties come together discuss their positions and also what benefits they seek or their aims or objectives from the contract. The aims of the contract can be:

  • Minimized Contractual Risk,
  • Continuous improvement in contractual relationship,
  • Best Value,
  • Performance of the terms specified in the contract,
  • Financial implications and penalties.

The basic purpose of negotiation is that the parties get to know each better and understand what they can do for each other. Negotiation is all about managing the relationship between the parties. Negotiation is very important because it helps to lay down the terms and conditions in the contract. The parties need to specify what they need from each other in 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: