Updated December 21, 2022

Introduction to Contract Management Analytical Essay

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Introduction to Contract Management Analytical Essay essay
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Contract management Ampumuza (2016) argue that, Contract management involves negotiation of conditions and terms in contracts and ensuring contract compliance with the specifications. The scholar further posits that, it includes documentation and agreement on the changes that may arise during contract execution.

In agreement, Ssempebwa (2014) argue that, contract management can be summarized as the systematic process of efficiently and effectively managing a contract (contract creation, execution and contract performance analysis) with an ultimate purpose of achieving procurement objectives as well as financial and operational risk minimization.

Mullins (2003) as quoted by Ampumuza (2016) contends that, contract creation is the process of procurement needs determination, their acquisition timing and funding so that the operations of the entity are met as required. Berkowitz, et al (2004) as quoted by Ampumuza (2016) reveals that, during contract management, a clear transition is observed from contract mobilization to contract operations, otherwise known as contract execution. In agreement, Ampumuza (2016) states that, contract analysis which involves the designing of a monitoring program that focuses on services/works delivered is equally important.

CIPS (2012) notes that, the elements that are considered to be crucial in contract management include: contract communication; contract administration; contract performance management; relationship management and contract renewal or termination. In a study titled ‘contract management and procurement performance of local governments in Uganda: a case study of Bugiri district’, Ampumuza (2016) measured contract management on three dimensions, including; contract creation, contract execution and contract analysis.

On the other hand, Muhwezi and Ahimbisibwe (2015) define contract management as the active monitoring and control of the contract between the contractor and the procuring and disposing entity, to ensure delivery of a reliable and cost effective service at an agreed standard and price. They argue that, contract management is the final stage in the bidding process and marks the beginning of a contractual relationship between the contractor and the PDE. These scholars further posit that, contract management consists of contract administration, delivery management and relationship management in line with OECD (2011).

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What are the basics of contract management?
Contracts and the law Offer and acceptance (agreement) – Every contract must have a valid offer and acceptance. Consideration – Consideration is usually a payment or value that is exchanged for an offer. Legality – For a contract to be valid, it has to be for a legal purpose.
What do you mean by contract management?
Contract management is the process of managing contract creation, execution, and analysis to maximize operational and financial performance at an organization, all while reducing financial risk . Organizations encounter an ever-increasing amount of pressure to reduce costs and improve company performance.
What is contract management and its importance?
Contract management helps in tracking the suppliers, assessing their performance based on the criteria mentioned in the contracts, and evaluating supplier risk . Furthermore, it also acts as a mechanism for building long-term, collaborative relationships with the suppliers resulting in valuable synergies.
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 .
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