12.1 Contract Management. Contract management is the process of managing the contract execution as well as and analysis of contract performance.Contract management is the practice of managing contract formulation, implementation, and assessment in order to maximize an organization's performance. Contract administration is the work done before a contract is signed into effect and contract management covers everything done after signing. Below are MSHDA's required construction contract forms which can be filled in online and printed, or saved to your computer as blank forms for later use. Communicate to contractor that the contract has been reviewed and is complete. Contract management companies can complete a wide range of tasks, including hiring, firing, and recruiting. 3. According to the NASPO State and Local Government Procurement: A Practical Guide, Contract. State of Michigan Contracting. Unlike general contractors, construction management services contract with the owner for a fixed fee.