Elements of successful contract management

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It isn’t enough that an organization has professionals in place to handle contract management. Employees must be augmented with the presence of processes and software companions to satisfy increasing compliance and analytical needs. When a contract management strategy is successfully implemented, organizations can expect to see:

The expected business benefits and financial returns are being realized
The supplier is cooperative and responsive to the organization’s needs
The organization encounters no contract disputes or surprises
The delivery of services is satisfactory to both parties
Activities that make up good contract management

The foundation for contract management relies on the implementation of successful post-award and upstream activities. During the pre-award stage, employees should focus on the reason for establishing the contract and if the supplier can fulfill the terms of the agreement. Additional consideration is needed to understand how the contract will work once awarded. Avoiding unwanted surprises require careful research and clarity of purpose in the actual contract.

Contract management requires a level of flexibility for both parties involved and a willingness to adapt contract terms to reflect any changing circumstances. Problems are inevitable, which means organizations must be prepared for the unexpected and be able to adjust contract terms when needed.

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