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Contract management is the process of managing a project on behalf of the Employer. They can also be mandated to administer the contract. This could involve monitoring and managing the contract, but also cover other legally enforceable agreements, as signed by the parties, during its execution phase.
There are four stages of contract management: pre-contract, contract award, implementation, and close-out. Pre-contract stage: The pre-contract stage includes the development of the contract management plan and the negotiation of the contract.
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.
Contract managers often serve as the key point of contact between a business and third parties to ensure timely review and approval of any variations. Furthermore, they also provide recommendations and negotiate contracts directly with customer attorneys or purchasing staff.
The consulting agreement is an agreement between a consultant and a client who wishes to retain certain specified services of the consultant for a specified time at a specified rate of compensation. As indicated previously, the terms of the agreement can be quite simple or very complex.
Contract management is defined as the overall process of effectively planning, administering and managing commercial contracts with various entities such as vendors, partners, customers, and employees at all stages of their engagement with a business.