Updated December 21, 2022

Defining Contract Management Analytical Essay

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Defining Contract Management Analytical Essay essay
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As per the chartered institute of purchasing and supply cips, Contract Management is a life cycle management process that calls for efficient and systematic and efficient management of contract initiation, analysis and execution and analysis with the goal of minimizing risks whilst boosting up operational and financial performance.

Stoemmer 2009 has defined contract management to be a process which is continuous and initiates from analysis and evaluation of the enquiries from clients/customers and it continues till contract closure is reached by fulfilling all obligations of contract.

Wikimedia inc. 2008 outlines contract management as the administration of contracts among employers, buyers or clients and their customers vendors partners or employees that involved negotiating terms and conditions of contracts whilst making sure that all terms and conditions are met along with documentation and in compliance with any amendment , changed raised during the execution and implementation of contracts.

Web Finance inc (2014), in an abridged definition believes Contract management to be an administration process of managing contact relationships addressed in coordination with associated problems and modifications/changes. According to it, in this process , it should be ensured that both parties are on amiable terms and produce result above expectations by maintaining uninterrupted interactions with the contractor in order to achieve objectives defined in contract.

Roles & Responsibilities of The Contract Manager

It is very necessary that contracts are managed efficiently in every part of lifecycle to make certain that performance of contractor is satisfactory, stakeholders are well informed and all contract essentials are met. All these responsibilities ultimately comes under the person who is known as contract Manager.

Contract Administration

As the word suggest, Contract Administration, encompass the formal management of the contract and any permitted changes to the contract documentation in contract’s life cycle. By administration it is also suggested that all contract related requirement are maintained on daily basis to ensure overall success of contract.

Effective Contract Management Systems

UK based group, The PMMS Consulting Group is a socialized group of procurement which extends intelligent and practical solutions to organizations across the globe in the areas of business improvement and procurement systems.

PMMS Consulting Group UK, in its report (2011) identified ten major elements for Contract Management practices as follows:

  • a) Contract Mobilization
  • b) Contract Administration/ Record Keeping
  • c) Contract Management Roles And Responsibility List
  • d) Managing Relationships
  • e) Performance Management
  • f) Contract Monitoring
  • g) Negotiate Contract Variations
  • h) Managing Contract Disputes
  • i) Ethical Business Conduct And Conflict Of Interest
  • j) Contract Completion

In order to make certain that these key factors are taken into account, a checklist for the various proceedings along with guidelines can be used given by the PMMS Consulting Group UK, (2011). This system will ascertain an flawless and efficient system of keeping records, change management, risk management and project claim management for a efficient Contract administration and management.

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What are the stages of contract management?
Here are the seven essential stages of contract management. Planning stage. Before you can implement a process, it's important to develop a system that will best suit your company's needs and resources. Implementation stage. Pre-contract stage. Handover stage. Contract stage. Pre-renewal stage. Post-contract stage.
What are the three stages of contract management?
The crucial process of contract management is composed of three phases: pre-award, award, and post-award . Each of these three phases of contract management covers a different step in an agreement's life cycle, and each is equally important to its success.
What is contract management and its types?
Contract management can be divided into three phases: pre-contract phase . contract execution phase . post-award phase (often referred to as contract compliance/governance), including contract termination .
What is the role of contract management?
Contract managers are responsible for streamlining the creation, negotiation, execution, compliance, storage, and renewals across all departments within an organization , and are often reliant on contract management software to facilitate the process.
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