Contract Management With Example In Franklin
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For example, if signing a new construction contract begins with the procurement department, then finance, sales, and so on, it's the responsibility of contract administration to ensure that this sequence follows as designated.
Contract management is the process of managing legally-binding agreements from initiation through to execution. Contract management activities include creation and negotiation, execution, compliance monitoring and renewal or close out.
Manages low to medium risk contracts and develops procurement and contract documentation. Actively monitors contract performance and risks, and identifies appropriate strategies to achieve contract outcomes. Consults with a range of stakeholders and maintains positive and effective working relationships.
A contract administrator prepares, negotiates and reviews contracts on behalf of the company. Your job is to protect the interests of both parties in an agreement by identifying areas for improvement. Contract administrators work in various industries like construction and manufacturing.
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.
It is also commonly referred to as Contract Lifecycle Management (CLM). Examples of contract lifecycle management processes include generating contract terms, redlining, approval of any modifications to the contract terms, and e-signature capabilities.
For example, if signing a new construction contract begins with the procurement department, then finance, sales, and so on, it's the responsibility of contract administration to ensure that this sequence follows as designated.
The role of the contract administrator may be undertaken by a range of individuals, these include architects, engineers, building surveyors, quantity surveyors or any agent of the employer. In theory, the employer, contractor or a director or employee of either party can act as contract administrator.
Contract management is the process of creating, implementing, and reviewing contracts. Whether this is between a business and supplier, or partner, contract management is an essential part of your business. As your business grows, contract management can become complex.
