Contract management is a strategic management task to achieve the planning, stakeholder engagement and ongoing management, commercial and contract strategy development, alignment with business strategy and objectives, risk appreciation, negotiation and execution. In addition, contract management includes the through-life monitoring and exception reporting with remedial actions, controlling, problem resolution, and ultimate closure of liabilities between contracting parties, as well as ensuring that all commercial objectives and planned business benefits are achieved and all expenditure is justified on commercial grounds.
Put simply, contract management is the process of reviewing, negotiating and agreeing the supply of goods and services for a period of time. A contract protects the interests of both supplier and customer and outlines what goods or services are to be provided. A good contract will describe in detail the goods or services that are to be provided and the circumstances of that supply. It is imperative that both parties monitor said agreement to ensure that both are fulfilling their respective obligations. This could be anything from ensuring payments are being made, deliveries are being received, communications are tracked and acted upon, intellectual property rights are respected, business reviews are carried out and associated management information is received and acted upon.
Supplier agreements and contracts can be a quagmire of uncertainty if not managed and maintained correctly. Knowing when contracts are due for renewal or review is something most businesses are in the dark about or usually forget about. This is where our Contract Management service comes in. We will set up a reminder system of when contracts are due for review or renewal with enough time to re-negotiate or request other providers and suppliers to propose alternative supply agreements or contracts. We will do the research, review the current agreement to ensure that the products or services are still relevant to the business and negotiate the right agreement for your business’ needs.
The business owner can have as much input and involvement as they wish. We are fully transparent with our services and we will communicate at every juncture so they are comfortable with decisions being made. Alternatively, we can be on call to answer any questions and give advice where needed.