Education

Dos and Donts of Contract Management

Courtesy-businessfirstfamily

If you are looking to learn about contract management, you have made a good choice. It is an important aspect in most public limited companies, and an excellent way for you to get a good job in a good company. Here are few dos and don’ts of contract management that you should know. 

Dos

  • Know the contract to the letter. If you know it well, you will instantly know if something is not going accordingly. 
  • Keep the parties involved updated on all the happenings during the execution of the contract. 
  • Inspect all the work and goods according quality stated in the contract. 
  • If there are any amendments, make sure they are noted down in the contract. 
  • Make reports at every crucial juncture of the task and upon the completion of the contract. 

Don’ts

  • Make changes in the contract without the knowledge of the all the parties involved. This can cause major issues at the end. 
  • Carelessly handle information if it has been mentioned to be confidential in the contract. 
  • Don’t ignore even the minor disputes that arise during the contract. They can snowball into something larger and the contract can be in jeopardy. 
  • Don’t ignore the dispute solving mechanisms stated in the contract. 

You can learn more about contract management in detail if you enrol for procurement management training programs. Contract management is an important aspect of procurement, and all people working in important positions of procurement depart should know about it. Therefore, it’s an important part of the training program. Also, make sure the institute you are doing the procurement management training program from has a good reputation.  

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