Many contracts end up not quite delivering what was expected. A contract has been entered into, but something goes wrong in the execution. Professional contract management can solve this.
Undertake contract management training!Contract management is the method for establishing clear and transparent agreements with suppliers and actively working towards this. The input, signed contracts and amendments received are clearly recorded, managed and monitored. The aim: to fully utilise contracts and to generate management reports. Contract management is about preventing the ‘leakage’ of value from the contract. It is part of a chain; that is, procurement is about finding the value, after which the contract is implemented and managed (getting what is agreed), with supplier development following (improving what you already have).
Contract management is about unburdening and supporting the business. It is carried out by the business and not by procurement. However, contract management does provide input for procurement. The ownership of the contract belongs with the business. An important part of contract management is contract administration. This principally has to do with gathering and maintaining contracts and relevant information.
A contract manager is a specialised professional who manages the contract; you monitor the result and record this in contract evaluations. You need to have the necessary professional knowledge to be able to direct the result of the contract. A contract manager is also responsible for the communication of the contract, including internally, and the relationship with the supplier. In this, you are accountable to the contract owner.
Increasing numbers of public and private organisations are realising that contract management is essential for achieving the intended business results, managing risks, and having the opportunity to create value. Contract management is a key factor in achieving the intended results. Nevi has a range of contract management training programmes. If you’re ready to learn all about drafting professional contracts, choose one of our contract management training programmes.
Did you know that we can provide all of our training programmes in-company? You and your team can undertake contract management training at your own location. This means you’ll not only be benefiting from the training, you’ll also be working on team building and saving on travel costs and time. Read more about our in-company training programmes.
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