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Contracts Management is the management of a Contract or Agreement from “cradle to crate”, meaning the management of its entire cycle, from its inception, which involve negotiating terms and condition as well as execution plan and cost; after executing it, it involve the follow up and close overseeing of the Contractor execution as well as our company execution to ensure that both Parties are receiving what was agreed upon. Finally, the last step of Contracts Management is the close out of such Contract where both Parties confirm the liabilities on both side have been fulfilled, therefore the commercial relationship for this Contract can ceased.
Contract management is the process of managing contracts from vendors, partners, customers, or employees. Meaning keep tracks of contract records, its completion and impact on the institution.
Contract management is the management of contracts concluded with customers, suppliers, partners or employees. Management should negotiate and manage effective, so that there is a positive outcome.
Contract administration is the management of contracts made with customers, vendors, partners, or employees. The personnel involved in contract administration required to negotiate, support and manage effective.
It is a contract executed in order to ensure happening of procurement functioning without any hszzles. The litigations there be any shall be minimal and time, money , energy on either part shall not be wasted in resolving the issues which may creep up due to non-providing for all would be hurdles which may come up in future.
Usually, in construction projects, all of the players in the theatre of building development operate under different agreements.
Managing completion phases in each of those agreements and monitoring ongoing stages in-contract at each phase of the building process requires contract management.
In particular, construction efforts are riddled with completion vulnerability because of worker strikes, delays or inadequate substitutions in the delivery of goods, workmanship disputes, and the like.
So, binding agreements and swift dispute resolution in a privatized litigation setting become crucial.
Contract management is the term that governs how contracts in these situations are administered in the event that issues arise, and they always do, because people do not implement in life like robots do in factories.
In places that emphasize good-faith handshakes and fear written agreements with dispute resolution processes, a slew of buildings sit in unfinished stages for years and years.
Banks love these types of problems because the bank will enter a development project willy-nilly as a financier knowing full well the other parties to a construction project are operating under business negligence. The bank benefits from an increased likelihood of excessive interest recuperation and the eventuality of assuming property ownership on unfinished projects and plots of land.
Contract management is therefore a required investment expenditure in any meaningful building development project.
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