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A Successful Contract Management Strategy Arrangements for service delivery satisfactory to both parties. The expected business benefits, efficiencies and value for money are delivered. The supplier is co-operative and responsive. Your organisation understands its obligations under the contract.

According to the Business Dictionary, a management contract is an agreement between investors or owners of a project, and a management company hired for coordinating and overseeing a contract." When an organization or business hires a management company, it is typically to carry out specific tasks.

A contractor is anyone who directly employs or engages construction workers or manages construction work.Contractors therefore have an important role in planning, managing and monitoring their work to ensure any risks are controlled.

These agreements state the specific administrative, management and development services provided, and the compensation for such services.The contract may also include provisions for termination, whether the contract may be assigned, and how disputes will be resolved.

Serving as the liaison between companies, employees, customers, vendors, and independent contractors means contract managers serve as the main facilitators for negotiations, recommendations, record keeping, monitoring, change management, and more.

6 Strategies for Effective Contract ManagementDo a Background Check.Establish Points of Contact.Establish the Contract Lifecycle.Agree on Review Process.Outline Consequences of Delays.Step Back, Document, and Evaluate.Takeaway.

Operation & Maintenance Agreements (O&M Agreements) are project finance documents that establish a contractual relationship between the project company and a professional management company to operate and maintain the project.