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.
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