It involves management activities that ensure all parties are fulfilling their contractual obligations and following the agreed upon terms. The goal is to maximize operational and financial performance while minimizing risk. Contracts are the foundation of commerce.
A contract manager is a professional responsible for overseeing the entire lifecycle of contracts within an organization. This role includes drafting, reviewing, negotiating, executing, and ensuring compliance with contractual agreements.
Contract Management is the process of managing contracts, deliverables, deadlines, contract terms and conditions while ensuring customer satisfaction. Public and private organizations know that purchasing does not end when the contract is awarded.
Some examples of Contract Management activities are: Phone calls with suppliers; Meetings with suppliers; Score carding of suppliers; Site visits; Analysing performance information; Problem solving; Benchmarking against other similar contracts/suppliers; Analysing management information.
"Small, Minority, and Women Owned Business Enterprise" or "SMWBE" means those business entities with a certification designation from an authorized certification agency as a woman, small or a minority group certification, such as a Historically Underutilized Business (HUB), or Disadvantaged Business Enterprise (DBE), ...
Contractor management ensures that all contractual agreements and employment practices adhere strictly to legal requirements and industry standards. They offer guidance on regulatory compliance and tax implications, safeguarding both contractors and clients from potential risks.