Contract management includes negotiating the terms and conditions in contracts and ensuring compliance with the terms and conditions, as well as documenting and agreeing on any changes or amendments that may arise during its implementation or execution.
Exploring the key stages of the contract management lifecycle Stage 1: Contract Initiation. Stage 2: Contract Creation and Negotiation. Stage 3: Contract Approval. Stage 4: Contract Execution. Stage 5: Contract Monitoring and Management. Stage 6: Contract Renewal or Termination.
As an FM contract manager, you are responsible for planning, negotiating, executing, and monitoring contracts that cover various aspects of facility operations and maintenance. But how can you advance in your FM contract management career and achieve your professional goals? Here are some tips to help you succeed.
Contract management is defined as the overall process of effectively planning, administering and managing commercial contracts with various entities such as vendors, partners, customers, and employees at all stages of their engagement with a business.
What are the 4 pillars of facility management? People. The first pillar of facility management is People. Processes. The second pillar of facility management is Processes. Building. Technology. Improved space management. Better asset management. Make your facilities sustainable. Conquer risk management.
To identify, use and manage different types of contracts. To develop specifications and terms and conditions for the procurement of goods and/or services and to manage the costs of the contract. To gather data and analyse feedback to monitor performance of the contract.
Volunteering or interning can help you gain hands-on experience, learn from experts, and build your portfolio. For those who work in different departments and want to gain inroads into contracts and procurement, seek cross functional placements in your organization.
How to implement contract management activities Step 1: Transition activities, if any. Step 2: Review the draft contract management plan. Step 3: Review the contract's budget. Step 4: Resources to support contract management. Step 5: Finalise and implement the contract management plan.
How to become a contract manager Get some GCSEs and A-levels. Most of the routes to becoming a contract manager are going to require some GCSEs or A-levels. Complete a university degree. Find an apprenticeship (optional) ... Apply for contract manager work.