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. A well-managed contract administration is vital to the smooth and effective execution of the contract.
Contract management can also be defined as the creation, analysis and execution of a contract with parties to the contract working to ensure the maximization of the operational and financial performance are maximized.
There are two key elements worth breaking down when considering this definition. One is “contract” and the other is “management”. The first implies a legally binding agreement while the second implies a more commercial aspect. Both must work together to ensure that the service or project is efficiently managed.
At Scope Project Management,
Our Contract Administrators will typically help the Employer in the following:
- Determine or negotiate contract terms and conditions, award contractors or recommend contract awards
- Manage paperwork related to contracts
- Work with project managers, architects, engineers, contractors and others to make sure project goals are met