Contract Administration Plans

In: Business and Management

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How does the development of a contract administration plan affect a company’s business?

The development of a contract administration plan affects a company’s business by giving its employees a basic guideline and creates a standard in specific areas. Contracts can also benefit businesses in assisting them with the assurance that they are following specific legal responsibilities in the case of regulatory compliance. A contract is usually very specific and prescribes individuals with a tool to conduct business to ensure a minimal amount of conflict with other partners within the business or with outside sources that are involved with the business. Contracts can also give specific guidelines when it comes to ADR. In the event of a conflict, ADR alternatives can be agreed upon by both parties and detailed in the contract. Contracts keep both parties best interests in mind when dealing with profit, conflict, and any other uncompromising situations that may arise. The contract also often spells out exactly who will be responsible for fees if litigation or an ADR are needed.
A contract administration plan is a road map to ensure that all involving parties receive all that they bargained for from outside contractors. Developing a quality contract administration plan is essential for a good contract administration. Contracts may be complex or simple; in either case, a contract administration plan should focus on major contract output and best practice methodologies for analyzing contract performance. It helps to increase the quality of a contractors work and reduce the ambiguity between the contracted parties. Some concerns include lack of training and undefined role and responsibilities between contracted parties. To avoid the contract closeout disputes, use proper documentation and evaluate the contract into three levels; proactive, active and reactive. A contract…...

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