Contract Management For Procurement In Oakland
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To recap, procurement is the process of acquiring the supplies you need to run your business operations. On the other hand, supply chain management encompasses how those supplies are transformed into finished products and delivered to the end-users.
However, these two critical departments may not always be on the same page due to their unique goals. While contract managers are concerned with making sure contracts are approved by their legal team, procurement specialists are more concerned with acquiring products/services efficiently.
A: The role of a contract manager in procurement is to oversee and manage the contractual agreements between the organisation and its suppliers. They ensure compliance, mitigate risks and monitor the performance and fulfilment of contractual obligations.
Procurement acquires the resources your organization needs, while contract management builds and sustains a healthy and collaborative relationship with your supplier throughout the term of your contract.
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.
A: The role of a contract manager in procurement is to oversee and manage the contractual agreements between the organisation and its suppliers. They ensure compliance, mitigate risks and monitor the performance and fulfilment of contractual obligations.
Most Commonly: The Finance Team. This is the most common way of handling contract management in small companies. Typically the finance department is responsible for collecting contracts from vendors and customers, making sure that they are filled out correctly, and that they are filed appropriately.
Your finance team plays a crucial role in contract management, as they manage all the financial aspects of your company's contracts. From budgeting to invoicing, they're focused on avoiding financial risk and dips in revenue.
Ultimately, the administration of a contract is the responsibility of the contracting officer who is the only person who may modify the contract or take action to enter into or change a contractual commitment on behalf of the U.S. Government.
