Contract management or
contract administration is the management of
contracts made with customers, vendors,
partners, or employees. Contract management includes
· Negotiating The Terms And Conditions In
Contracts And Ensuring Compliance With The Terms And Conditions, As Well As Documenting And Agreeing Any Changes That May Arise During Its Implementation Or Execution.
· It Can Be Summarized As The Process Of Systematically And Efficiently Managing Contract Creating, Execution, And Analysis For The Purpose Of Maximizing Financial And Operational Performance And Minimizing Risk.<1>
· INVITATION TO BID
· BID EVALUATION
· AWARD OF CONTRACT
· CONTRACT IMPLEMENTATION
· MEASUREMENT OF WORK COMPLETED
· COMPUTATION OF PAYMENTS
· IT ALSO INCLUDES MONITORING CONTRACT RELATIONSHIP
· ADDRESSING RELATED PROBLEMS
· INCORPORATING
NECESSARY CHANGES OR MODIFICATIONS IN THE CONTRACT
· ENSURING BOTH PARTIES MEET OR EXCEED EACH OTHER''S EXPECTATIONS
· AND ACTIVELY INTERACTING WITH THE CONTRACTOR TO ACHIEVE THE CONTRACT''S OBJECTIVE
· ALSO CALLED CONTRACT ADMINISTRATION.
Common Commercial Contracts Include
· Employment letters
· Sales invoices
· purchase orders
· And utility contracts
Complex contracts are often necessary for construction projects, goods or services that are highly regulated, goods or services with detailed technical specifications, intellectual property (IP) agreements, and international trade.
The sheer complexity and volume of corporate contracts have increased dramatically in recent years due to rising globalization, outsourcing, and regulatory requirements.
The business-standard contract management model, as employed by many organizations in the United States, typically exercises purview over the following business disciplines:
Authoring and Negotiation
Document Management
Baseline Management
Commitment Management
Contract Visibility and Awareness
Issue and Change Management
Transaction Compliance
Service Level Agreement Compliance
A
document management system (DMS) is a computer system (or set of computer programs) used to track and store electronic documents and/or images of paper documents. The term has some overlap with the concepts of Content Management Systems and is often viewed as a component of Enterprise Content Management Systems and related to Digital Asset Management, Document imaging, Workflow systems and Records Management systems