Management Contract With Example In Tarrant
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Contract Management: Contract management primarily focuses on the post-award phase of a contract. It involves activities such as tracking contract performance, ensuring compliance, and managing changes or amendments after the contract has been executed.
An example of a management contract is a contract between a hotel owner and a management company where the management company runs the daily operations of the hotel on behalf of the owner.
A construction management agreement (CMA) outlines and formalizes the distinct roles, duties, and commitments of both parties during the contract period. It also specifies compensation and potential financial responsibilities for both parties.
Essentially, a CM contract is one whereby the Owner enters into an arrangement for someone, often a registered builder although it is not a requirement, to manage the construction works. This is in contrast to a 'traditional' building contract whereby the Owner enters into a contract with a Builder directly.
A means to protect the rights of both the client/owner and the contractor, a construction contract typically contains specifications on the definition of the project, the rights and duties for each party, compensation and how it will be distributed, conditions (general and specific), as well as delay terms and other ...
Contract Management is the process of managing contracts, deliverables, deadlines, contract terms and conditions while ensuring customer satisfaction. Public and private organizations know that purchasing does not end when the contract is awarded.
