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Management and “Monitoring” of your Contracts

In the context of projects, contract management refers to a host of activities ranging from negotiation to renewal of contractual agreements, including coordination and implementation of terms of reference. A badly negotiated contract can very quickly turn into a nightmare, even in some cases, bringing the company to bankruptcy... In order to avoid this, it is important to have already defined internally, its own criteria and limits in terms of acceptable contractual commitments. There are firms specializing in the field of contract management that can support you for these purposes.

Leclerc News
April 24, 2023
5 min read

Image credit © by Getty Image, Business people sign a contract.

Pre-contractual Management Monitoring Contract

In general, this begins with the pre-contractual phase which includes the drafting of the contract, internal negotiations, and with third parties, and the process is completed at the signing of the contract. This is followed by the execution of the contract, the monitoring of deadlines and indicators, the implementation of various changes and additions, and finally the keeping of contractual data. Contract management processes ensure that budgets and capabilities align with project objectives when implemented correctly.

Contract management is considered effective if it is carried out transparently within the organization and integrated into the project's management and control. It always involves the team members to make their contributions and achieve results, while carefully monitoring the performance and deadlines of the subcontractors and partners involved in the execution of the contract.

Video credit © by Contractify, Contractify: What is Contract management?

Contracts ensure that operational and financial objectives are met and that risks to the business are minimized. Typically, contracts contain things like payment terms, negotiations, workflow, service expectations, and compliance obligations.

It is important for the company to have real-time visibility of all aspects of its projects, especially its contracts, as it allows executive management to make informed, data-driven decisions and proceed quickly. to the necessary corrections to avoid risks and pitfalls.

Image credit © by Getty Image, Business people talking in a meeting.

The monitoring of contractual relations between the company and service providers, suppliers, or customers, are complex supervision processes that often require a review and validation of the said contract by specialists versed in commercial law and have an excellent knowledge of the business activity.

With the opening of markets on an international scale, competition is fierce, and many companies must review their operational process including their productivity, their management/performance indicator, their management of the workforce, their management of purchase and supply, and especially their contract management because these will affect their profitability, see their existence in the more or less long term. Good contract management and operational efficiency go hand in hand, and to achieve this, the experts and specialists of Leclerc Consulting Group can support you in this upgrading process.



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