What is Contract Management
Contract management is the process of managing contracts in the business world where contracts take place among various entities such as; Public agencies, semi-government organizations, private companies, authorities, corporations, businesses, vendors, partners, customers, employees and alikes. Contract management overseas a clear set of contract requirements and objectives to be managed and monitored throughout the term of a contract.
Procurement or purchasing process does not end when a contract is awarded but is merely an essential component in the process of contract management. Apart from making the pre-contract management activities, effective post-award contract management is essential to the seamless integration of supplies and services into the projects. It supports the entire customer lifecycle which covers any process that contributes, creates or utilizes contract data. Contract management can be an asset, or a liability, depending on the type of an organization.
The Contract Management process commences with the initiation of the procurement activity and runs all through until the completion of all the contractual scope and all payments have been made.
Contract management impacts many areas within an organization and can significantly influence its budget, operations, customer service, and public image.
The business world is changing. New ways of driving revenue are forcing companies to reimagine the way they manage the customer lifecycle — making contract management more important than ever before.
Scope of Work of Contract Managers
Contracts often represent a tool that organizations use to safeguard their resources. Therefore it is imperative that organizations have an understanding of implementing a successful contract management strategy where the Contract Manager ensures that the deliverables, deadlines, contract terms and conditions are met while ensuring customer satisfaction.
Contract Manager’s responsibilities include, but not limited to;
- Ensuring that the requirements of the contract documents are implemented and maintained throughout the Contract period,
- Assists in the review of contractual notices of claims and providing contractual advice to the project management in their administration of the Construction Contract,
- Interaction with the Owner’s representatives, the Project Management, the Engineer, and relevant Contractors, Sub-contractors, Suppliers in respect of all contractual matters,
- Assists in the drafting of contractual terms for design, engineering and/or construction services for approval by the management,
- Reviews all contract documents to ensure congruity and to minimize patent and latent ambiguities,
- Assists with administration of on-going Contracts, including monitoring Contractors, Sub-contractors, Suppliers in compliance with the Contract documents,
- Investigates problems and recommends corrective action,
- Prepares correspondence and maintains records necessary to ensure the effective administration of all Contractual matters,
- Facilitates the preparation of Contract change and prepares the relevant variation orders,
- Facilitates the contract close-out procedures to ensure that all terms and conditions of contracts have been complied with, prior to final payment to contractors, sub-contractors and suppliers,
- Ensures that all contractual procedures are implemented and maintained,
- Assists in the review of Contractors’ claims in accordance with the provisions of the Conditions of Contract and ensures that the Owner’s interests are protected,
- Ensures all warranties, bonds, insurances, guarantees, etc. are in place and maintained and updated in accordance with the Contract and are in compliance with the Owner’s requirements,
- Assists the Quantity Surveyors, Estimation and Project Control teams in respect of contractual implications of change orders,
- Prepares for review recommendations for release of retention and bonds,
- Prepares monthly reports for review,
- Assists in the preparation of Monthly Progress Reports,
- Responsible for the preparation and maintenance of Engineers Instructions, Variation Orders and Claim Logs,
- Attends Commercial Meetings and records minutes of meetings.
Courses in Academ-ED have been developed by industry experts who have been selected from a variety of industries thereby enriching the courses with a wide array of course material. The courses cover all what is necessary for the participants to practice the profession in their respective organizations with acquired confidence and at the same levels or above the skills of their matured colleagues. Academ-ED courses have been developed to give participants with advanced knowledge & skills in the selected professions which would make them compete with others who have degree level education in the fields. Courses comprise of an excellent mix of hands-on practice, theory, case studies, assignments and integrated studies in technology and scientific knowledge.
Academ-ED leads the way in providing professional courses which are designed with the current and future needs of various employers and careers while giving you the edge in a demanding and competitive marketplace.
Course participants gain a lifelong knowledge and skills that will help them to keep abreast of developments in the industry, including how to satisfy ever more demanding safety, sustainability and technological criteria.
Academ-ED courses provide practical training for you to acquire a unique combination of professional skills, knowledge in conjunction with the added dimension of protecting the environment and sustainability. Academ-ED programs integrate modular designs with a principal focus on the subject and an ancillary focus on the related fields in general in the related career environment.
The courses usually include;
- Presentations which deliver comprehensive subject content to participants,
- Course work consisting of a vast number of professional tasks which have been selected from the field thereby allowing the participants to acquire industry expertise,
- Course notes which give the participants comprehensive reading material which can be used as a reference all throughout their professional life,
- Case studies allowing the participants to get insight into various practical problems in the field,
- Assignments to let the participants to get first-hand knowledge about the tasks in the field,
- Membership in Academ-ED professional associations delivering numerous benefits for professional upgrading,
- Many other items which are detailed in the course pages.
Upon enrolment into courses in Academ-ED, you will be transferred to our main website, www.academedonline.com for the payment process, which is a fully secured site with "https" encryption and a SSL Certificate, thereby eliminating risks to your payment details.
Academ-ED is a US company which develops and delivers professional courses and training to working adults and job seekers worldwide.
The main objective of Academ-ED is to deliver courses and training to needy individuals around the globe by avoiding various barriers which otherwise make it impossible for them to receive quality professional training thereby making them to acquire knowledge and skills required to perform well in their chosen carriers.
While Academ-ED endeavours to provide the best available online courses in various professional subjects, it maintains modest pricing levels for courses with several payment options.
Academ-ED as a socio-ethical organization
Academ-ED gives high priority for social welfare and professional ethics. It considers the professional training needs of the working population of the world and regularly implements methods to provide the best at affordable prices.
While it maintains high quality content in its courses / programs, it tries to maintain the prices at marginal levels compared to other similar courses available online.
Academ-ED provides course promotions at substantial discounts from time to time for each category of courses thereby facilitating those who have financial difficulties.
Such promotions last for 4 to 6 months for allowing sufficient time for the participants to enrol and enjoy the benefits.
Potential course participants for interested course categories may watch the "Academ-ED News" in the home page for upcoming promotions.