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    Contract Management

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    nidhi rawat
    Contract management refers to overseeing agreements between parties to ensure terms are fulfilled. It involves tasks like drafting, negotiating, monitoring performance, handling disputes, and ensuring compliance. For a home renovation, a contract would specify the job, schedule, payment terms, and other details. The process includes creation, negotiation, signing, monitoring progress, managing changes, payment, and completion.

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    Contract Management

    Uploaded by

    nidhi rawat
    34 views2 pages
    Contract management refers to overseeing agreements between parties to ensure terms are fulfilled. It involves tasks like drafting, negotiating, monitoring performance, handling disputes, and ensuring compliance. For a home renovation, a contract would specify the job, schedule, payment terms, and other details. The process includes creation, negotiation, signing, monitoring progress, managing changes, payment, and completion.

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    Contract management refers to overseeing agreements between parties to ensure terms are fulfilled. It involves tasks like drafting, negotiating, monitoring performance, handling disputes, and ensuring compliance. For a home renovation, a contract would specify the job, schedule, payment terms, and other details. The process includes creation, negotiation, signing, monitoring progress, managing changes, payment, and completion.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    34 views2 pages

    Contract Management

    Uploaded by

    nidhi rawat
    Contract management refers to overseeing agreements between parties to ensure terms are fulfilled. It involves tasks like drafting, negotiating, monitoring performance, handling disputes, and ensuring compliance. For a home renovation, a contract would specify the job, schedule, payment terms, and other details. The process includes creation, negotiation, signing, monitoring progress, managing changes, payment, and completion.

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    CONTRACT MANAGEMENT AND STEPS:

    Contract management,

    in simple words, refers to the process of overseeing,


    administering, and ensuring that agreements made between
    two or more parties are fulfilled according to the terms and
    conditions outlined in the contract. It involves tasks such as
    drafting contracts, negotiating terms, monitoring performance,
    handling changes or disputes, and ensuring compliance with
    legal and regulatory requirements. Essentially, it's about
    managing the entire lifecycle of a contract from creation to
    execution to closure, aiming to maximize the benefits and
    minimize the risks associated with contractual relationships.

    EXAMPLE:
    To renovate the kitchen, we intend to engage a contractor. In a
    contract, we would specify the job to be done, the schedule, the terms
    of payment, and any other relevant details. During the remodelling
    process, we would keep an eye on the contractor's progress, make sure
    they follow the conditions of the contract and solve any problems that
    may come up, such as delays or modifications to the project's scope.
    we would check the contract after the renovation is finished to make
    sure all conditions were fulfilled before giving the contractor the last
    payment.
    1. Contract Creation or planning : Draft a detailed contract outlining the
    scope of work, timeline, payment terms, and any other relevant
    conditions. For example, the contract may specify the specific
    renovations to be done, materials to be used, and the deadline for
    completion.

    2. Negotiation: Discuss and negotiate the terms of the contract with the
    contractor. This may involve adjusting timelines, costs, or other aspects to
    ensure both parties are satisfied. For instance, negotiating the price of
    materials or the schedule of payments.

    3. Signing the Contract: Once both parties agree on the terms, sign the
    contract to make it legally binding. This ensures clarity and commitment
    from both sides regarding their obligations.

    4. Monitoring Progress: Regularly monitor the contractor's progress to


    ensure they're following the agreed-upon timeline and quality standards.
    For example, inspecting the work at various stages of the renovation
    process to ensure it meets expectations.

    5. Managing Changes: Address any changes or unexpected issues that arise


    during the renovation process. This could include approving change
    orders for additional work or resolving disputes over the scope of work.

    6. Payment Management: Ensure payments are made according to the


    agreed-upon terms and milestones outlined in the contract. For instance,
    making a down payment before work begins and withholding final
    payment until the project is completed satisfactorily.

    7. Completion and Closure: Confirm that the renovation project has been
    completed to satisfaction and that all contractual obligations have been
    fulfilled. This may involve conducting a final walkthrough with the
    contractor to address any remaining issues before officially closing the
    contract.

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