Introduction to Contract Management - 1025 Words

1.0 INTRODUCTION TO CONTRACT MANAGEMENT A contract is an agreement having a lawful object entered into voluntarily by two or more parties, each of whom intends to create one or more legal obligations between or among them. The elements of a contract are offer and acceptance by competent persons having legal capacity who exchanges consideration to create mutuality of obligation. i.e. 1. Offer and Acceptance 2. Competent Persons 3. Consideration 4. Mutual Obligation 5. Lawful Object Contract law varies greatly from one jurisdiction to another, including differences in common law compared to civil law, the impact of received law, particularly from England in common law countries, and of law codified in regional†¦show more content†¦This includes the development and implementation of procedures covering the administrative and clerical activities. Good contract administration is important for the successful management of any contract. Contract administration also requires appropriate resourcing, and as part of the contract management planning both the agency and the supplier need to consider the level of resources required for the particular contract. Procedures should be in place for the management of the main contract activities. These may include: i) Contract variations, including change control ii) Cost monitoring iii) Ordering procedures, e.g. ordering of hardware iv) Payment procedures v) Management reporting †¢ Transition Planning Transition planning is an important activity whenever there is the potential for service delivery to be affected by the transition. As noted in the section on contract planning, in relatively routine, straightforward procurements, transition arrangements may be covered in the contract management plan. However, in more complex procurements a detailed transition plan may be required. While the content of this plan will depend on what is being procured, headings may include: a) timeline of activities/events b) reporting c) resource requirements d) key roles and responsibilities e) training requirements f) communications requirements e.g. communications plans g) A risks and riskShow MoreRelatedProcurement Essay1490 Words   |  6 PagesIntroduction IBM Daksh India is one of the most important business process outsourcing companies in India. It has been playing a significant role in the process transformation and management sections of one of the leading IT firms of the world, IBM since 2004. IBM Daksh India came into existence as a result of the acquisition of Daksh e-Services by the IBM Corporation in 2004. IBM Daksh India serves as the global destination for managing business processes for all clients of IBM. In India, thereRead MoreAcorn Industries1536 Words   |  7 Pagesin creating and submitting contract proposals. 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