Contract Management For Construction Project In Bronx
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It is the process of managing contracts throughout the life cycle of a project, from pre-award negotiation to post-award administration.
Contract management in construction is the process of overseeing and administrating contracts between various parties involved in a construction project. It encompasses activities such as the negotiation of contract terms, monitoring compliance with agreed-upon conditions, and facilitating dispute resolutions.
The Department of Design and Construction now utilizes open Requests For Proposals (RFP) for most of its design and construction management contracts. DDC's RFPs are open to all interested firms. Notices of these RFPs are published in The City Record and on this website.
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.
Contract management is all about managing the agreements between stakeholders – including contractors, sub-contractors and suppliers – through the course of a project. It begins with selecting or creating appropriate contracts and ends with the completion of the project to the satisfaction of all parties involved.
Exploring the key stages of the contract management lifecycle Stage 1: Contract Initiation. Stage 2: Contract Creation and Negotiation. Stage 3: Contract Approval. Stage 4: Contract Execution. Stage 5: Contract Monitoring and Management. Stage 6: Contract Renewal or Termination.
Some examples of Contract Management activities are: Phone calls with suppliers; Meetings with suppliers; Score carding of suppliers; Site visits; Analysing performance information; Problem solving; Benchmarking against other similar contracts/suppliers; Analysing management information.
A contract administrator manages contracts made between building contractors, employers, and clients. Their responsibility is to administer construction contracts, whereby they may act as project managers, engineers, consultants and client representatives.
The best practices for effective contract management in construction include establishing clear communication and documentation procedures, regularly reviewing and updating the contract management plan, tracking project progress, and addressing issues promptly to avoid disputes.
