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Contract Management Cycle

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Relationships that companies have with the parties the deal with, say suppliers in this case, are often summarized by contracts
Success in managing contracts will therefore mean:

1) Increase in revenue
2) Decrease in cost

Contract management in procurement is an ongoing process that sees to it that suppliers and buyers stick to their agreed contractual obligations as well as negotiating any future changes that need to take place.

1) The first step to seeing success in the process is planning and scoping
2) The next thing you want to be knowledgeable about is the stakeholders. Know the stake holders
3) The next thing you want to be worried about in this process is how the contract will be administrated
4) Now it’s time to think about performance management.
5) The 6th thing to worry about in your contract management cycle is payment and incentives
6) Adapting to contractual changes
7) Exit and termination
8) Asset management

#Contracts #Business #Procurement