COMMERCIAL CONTRACT MANAGEMENT & THE IMPORTANCE

Contract life cycle management is the process of systematically and efficiently managing contract creation, execution and analysis for maximising operational and financial performance and minimising risk (reference Aberdeen Group).

Importance of contract management Organisations in both the public and private sectors are facing increasing pressure to reduce costs and improve financial and operational performance. New regulatory requirements, globalisation, increases in contract volumes and complexity have resulted in an increasing recognition of the importance and benefits of effective contract management. (reference Aberdeen Group)

FUNDAMENTALS OF CONTRACT & COMMERCIAL MANAGEMENT

The overarching purpose of the contract is that of “Economic Value, Performance, Quality & Risk”. All functions within your business will touch the lifecycle of contract management and all have a need to contribute.

Good Contract Management improves the Quality of Service and Customer Focus, Poor Contracting hinders Business Growth, loss of Business, Business reputation and possible legal implications.

Relationship and Contract Management are now of Equal importance.

The overarching purpose of the contract is that of “Economic Value, Performance, Quality & Risk”. All functions within your business will touch the lifecycle of contract management and all have a need to contribute.

Good Contract Management improves the Quality of Service and Customer Focus, Poor Contracting hinders Business Growth, loss of Business, Business reputation and possible legal implications.

Relationship and Contract Management are now of Equal importance.

5 STAGES OF CONTRACT MANAGEMENT LIFECYCLE

We will work with you to understand and develop the 5 key stages of the Contract Management Lifecycle.

  • Initiate – Markets & Industry; Requirements; Financial Considerations; Aligning Risks through Financial Modelling; Identifying Routes to Market; Preparing Requests for Information (RFI); Undertaking a Terms Audit

  • Bid – Requests for Proposal (RFP) Preparation; Responding to RFI or RFP; Understanding the Influence of Laws; Cost Identification; Opportunity Evaluation; Proposal Preparation; Evaluating the Proposal

  • Develop – Contract & Relationship Types; Contract Terms & Conditions; Term Linkages, Managing Cost & Risk; Statement of Work & Service Level Agreement Production; Structured Approach for Executive Contract Drafting

  • Negotiate – Selecting, Applying Appropriate Negotiation Styles & Techniques; Closing the Deal

  • Manage – Transition; Managing Risk & Opportunity; Managing & Monitoring Performance; Programme and Project Management; Change Control & Management; Dispute Resolution; Contract Closeout & Lessons Learned

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