Contract Management

Posted in Operations and Supply Chain Terms, Total Reads: 287
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Definition: Contract Management

As the name implies, it means managing the contracts (engaging in administrative functions) with other people, customers, vendors, partners etc. 


Steps include the bidding invite followed by the evaluation of the bid. After that, the contracts are agreed upon and implementation of that needs to take place. Management review goes on till the work is complete as they look after the number of days completed and speed, etc. The last stage includes managing and providing the payments.


It also includes managing and monitoring contract relations as both the parties needs to be on the same line, i.e. does not underperform or don’t work up to the expectations. It also includes solving any problems that may arise after signing of the contract.


People in contract management need to support and handle contracts as these are very costly to train and retain once they are gone.

 

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