Introduction to Contract Management

A contract is an official agreement between two parties. There are different types of contract, such as sale and purchase of a business agreement, partnership agreements, lease of business premises, lease of plant and equipment and employment agreements. The format can vary too. It can be face to face, written, or distance selling. The specifications of a contract involve offer and acceptance, the intention to create legal relations, lawful considerations, capacity and legal formalities such as terms and conditions.

The process involves monitoring performance, managing interfaces if there are multiple providers, making changes and corrections, and processing interim payments (often called progress payments which are based on the seller's progress in completing the work). In some cases, contract administration involves managing the early termination of a contract (for cause, for convenience or for default). Close Procurement The process of completing each project procurement. It supports the CLOSE PROJECT or PHASE Process. Contract closure supports the close project or phase. It involves product verification (was the work completed correctly?) and administrative closeout (updating and archiving of records). Early termination is a special case of contract closure and can result from a mutual decision, from default by one of the parties, or for convenience of the buyer. The rights of the parties should be defined in a terminations clause in the contract. The buyer provides formal, written notice that the contract has been completed.

The contract is agreement between two parties they find they have some to exchange; the power and commitment between two parties enforcement by the court, The contract have many legal details to be discussed by lawyer or expert. The contract administration, focus on the requirement for the services the company have to get when they sign a contract for new service or to get new products. In field like software consultant it is very complicated and different detailed need to focus on contract to be discussed before to sign any paper. The orientation, communication form and conference can be helpful to create good and detailed contract, all this method help the offeror and offeree to

When running a business, the most common legal transactions you will be involved in is a business contract and despite what type of business a person runs, by having an understanding of contract law is a key to creating sound business agreement that will be enforceable legally incase a dispute arises (Find law).

The rules governing contracts traditionally came from common law, meaning the law that is produced on an ad hoc basis by courts. When the courts came up against a novel problem, they look at

10. (TCO 2) Part 1: List and define the six phases of the project procurement management process. Part 2: How could you organize a simple project such as renovating a bathroom into the six steps in the project

Manage the procurement process from start to finish, including the development of Requests for Information (RFI), Invitation for Bids (IFB) and Requests for Proposals (RFP) while strictly adhering to procurement policies, statutes and disclosures; evaluate proposals, prepare award recommendations, negotiate and execute Contract. Facilitate the integration of new or revised programs/contracts; prepare an impact analysis resulting from changes.

All managers of contracts, both buyers and sellers, must understand the basic concepts and principles of the contracts they work with and support. Both parties must ensure that their contracts are clear and concise and that they facilitate, not inhibit, communication.

A contract is an arrangement between two or more parties that creates rights and obligations to each party. The essential parts of a contract are as follows:

A contract is an agreement made with an intention of legal rights and obligations which the law will enforce. It contains the agreement, consideration and intention. It also have some other things to consider, like capacity of parties, genuine consent or legality of object.

The term of the agreement started on January 1, 2007 with the expiration date set for December 31, 2009. According to Section 4(a) of Agreement the term may be extended in six month increments until such time as Publisher serves a written notice upon Licensee that the tern shall terminate at the end of the current is (6) month period.

Contract administration should address the procedure needed to notify management or executive personnel regarding the need for the modifications and corrections. The documentations of the plan need to meet the requirement of the business, activity, and good business practice.

A contract is a legally enforceable agreement in either written or spoken form. A contract usually regards employment, sales, or tenancy that is enforceable by law. The elements of a contract include an offer, acceptance of the offer, consideration, legality, capacity, consent, and writing. The three most important elements of a contract are the offer, the consideration of the offer, and the acceptance of the offer; after that you can put your contract in writing and have the contract signed. some people also use a verbal agreement contract, which is accepted with a handshake what than in writing.

Contract management areas can encompass many things such as cost and price analysis, small business, competition, property issues, vehicles and machinery, contract closeouts and compliance with statutory and regulatory requirements. If I am accepted, I will learn

A contract is a written or spoken agreement between two or more parties that involves the exchange of two promises, which is intended to be enforceable by law. The four basic elements are the offer, consideration, acceptance, and mutuality. When elements are broken down individually, each one is just as important as the next. If one of these elements are broken or misunderstood, it could mean result in the contractual agreement becoming not valid and end in lawsuit. The overall purpose of the contract is for legal purpose and to keep a order within an agreement.