Contractor Management in Maintenance and Technical Projects
Contract management is overseeing contract formulation, implementation, and analysis to optimise an organization’s operational and financial performance while minimising financial risk. Organizations are under increased pressure to decrease expenses and enhance corporate performance.
Why is contract management needed in maintenance and technical projects? Management of contracts occurs from before a contract is awarded through to the project’s conclusion. Contract management in projects involves ensuring that the project’s finances and resources are allocated in a way that supports the project’s overall goals. As a subset of project management, contract management handles interactions with the project’s vendors, sellers, and/or suppliers, as well as the oversight of procurements by the agreements made between the parties involved. Contract Management is needed to keep tabs on active contracts and deal with any problems as they arise. Key business strategies, procedures, and relationships for a project are defined and governed by the terms of the contract. To succeed on a global scale, businesses and project organisations need to have solid contract management systems in place, particularly if they have employees spread out across time zones and/or work in a variety of cultural contexts.
Which difficulties with contracts are typical of projects, and what can be done about them? Poor contract administration may lead to misplaced or missing paperwork and slow final approvals and signings. Tracking and monitoring signed contracts handed to concerned parties is key to preventing delays. It is essential to remember that delays cause expenses. Project success requires managing contract modifications before and after approval. A platform to monitor changes across time zones, geographies, and teams ensures control and timely delivery. This reduces risk, delays, and mistakes. Contracts assure adherence to agreed-upon terms. Effective contract management ensures project compliance and regulation, preventing legal concerns and penalties.
Course Objectives
- To explain the role that effective contract management plays in asset management
- To analyse proposals and bids carefully to choose the most qualified service provider
- To understand the concepts of contract execution, contract tracking, contract revision, etc.
- To evaluate, and control the potential dangers in projects
- To create, manage, and keep an eye on the contractor’s output
- To learn the fundamentals of contract writing and negotiation
- To evaluate quotes to choose the most competitive service provider
- To learn about the formulation and settlement of contracts