Contract Management
Good preparation and the right contract are essential foundations for success of the project!!!!!
Contract Management is Creation, Negotiation, Execution, Administration, and Analysis of Contracts.Aim of the Contract Management is:
- Who does what, when, and how?
- To enables both parties to a contract to meet their obligations.
- Building a good working relationship between Clients and Vendor.
- To obtain the services as agreed in the contract and achieve value for money.
- Optimizing the efficiency,effectiveness and economy of the service or relationship.
- Balancing costs against risks.
- Continuous improvement in performance over the life of the contract.
Site Tiger process for Contract Management includes:
- Explicit and clear defined objectives.
- Effective governance to ensure that the customer gets what is agreed, to the level ofquality required.
- Monitoring of the performance under the contract.
- Ensure that the customer continues to get value for money.
- Building Mutual trust and understanding, openness,and excellent communications.
- Deploying people with the right interpersonal and management skills to manage these relationships.
- Deployment of contract manager (or contract management team), early on in the procurement process.
- Willingness to adapt the terms of the contract to reflect a rapidly changing world.
- Facilitation for change (to terms,requirements and perhaps scope) and the relationship.
- Not reactive, but aims to anticipate and respond to business needs of the future.
- Ensures that decisions are taken at the right time.
- Monitoring and management of risks.
- Providing collaborative platform to manage end to end contract life cycle
- Maximizing financial and operational performance and minimizing risk
- The identification and controlling of risks to the contract.
- Supplier performance is assessed using clear, objective and meaningful metrics.
- Regular reports are provided for both the client and the provider.
- User compliance with the contract is monitored and managed to ensure maximum operational effectiveness and value for money.