If the people who negotiated an agreement are not the same people who execute and meet the contractual conditions, it is essential to have a thorough transfer process, which often involves specific meetings to ensure alignment and common understanding of important roles, responsibilities and achievements. Contract management and contract management conditions are often confused or used interchangeably, but they are in fact different phases of the entire contract process. To be as simple as possible, contract management is the work done before a contract is signed, and contract management covers everything that is done after signing to ensure that benefits and deadlines are met as described in the agreement. Good market management is essential to the success of the procurement process, as at this stage there is a considerable amount of waste and abuse of public funds and corruption in public procurement. The focus is on the procurement process, which has a relatively shorter time frame than the implementation of the contract. However, the actual benefits will be obtained after the award of the contract, so more attention should be paid to the implementation of the contract in accordance with its commercial terms. This should not diminish the importance of the contracting process, but it is only after the contracting that the real value of the entire procurement process will be realized. During the contract management phase, it is always possible that circumstances will change, requiring changes to the contract. Of course, the contract management team tends to work closely with the other party, so they are well placed to know whether the relationship is working or whether it is necessary to follow the possibilities elsewhere.
It is therefore a good idea for contract managers and managers to remain in close communication when they are indeed separate teams within a company. The role of a contract administrator (CA) is broad, but the most basic definition is the management of the contract between the employer and the contractor. Contract management is required whenever these contracts traditionally begin from the award phase and continue until the contract is concluded or terminated. Current commercial contracts include work letters, sales invoices, orders and supply contracts. Complex contracts are often required for highly regulated construction projects, goods or services, goods or services with detailed technical specifications, intellectual property agreements, IP), outsourcing and international trade. Most large contracts require the effective use of contract management software to support multi-party management. To effectively manage your contracts, you need to know where they are. If you keep all of your organization`s contracts in one place, you`ll know exactly where to find an agreement or locate specific terms, conditions and details of the contract.
In stage 5, everything revolves around the signature of the polka dot line. The execution of the contract involves obtaining signatures and final agreements. Meetings and witnesses may be necessary. Legally binding electronic signatures are useful if the parties are not in the same city or country. An administrator ensures that all users have a timetable to complete the execution process before the signing deadlines arrive. The sooner you can defer a contract through the approval process, the less time it takes to see the value of that agreement.