Amongst the many aspects of management is Contract Management. A sphere of management that can and generally does maximise profit from the financial investment made by the parties in a new contract namely; a purchaser and a product and/or service provider.
Incorrectly approached, Contract Management, or lack thereof, can rapidly cause the exact opposite and diminish funds available to allow the management of a given contract to a mutually acceptable conclusion.
So, what is Contract Management
It is the management of the business aspects of a contract between two parties. The "contract" being the legal agreement that details the scope of the products and/or services and the boundaries by which the contract shall be managed. The contract ensures the two parties (Purchaser and Provider) honour their aspects of the agreement. For the Purchaser, the contract states the manner and timing that the Provider shall be rewarded for their work. For the Provider, it states the products and/or the services to be provided to the Purchaser in order to fulfil the agreement.
The Contract Manager keeps the parties on track and steers their respective party along the path to the legal and rewarding conclusion to the contract, to the mutual satisfaction of both parties.
What we outline above is the principal behind the basic form of a simple contract. For now, this is all that is needed to be clarified. However, understand that there are many forms of contract, some with more than one purchaser / provider.
This is a complex procedure that Questmoney can perform for either the Purchaser or the Provider in order to achieve the desired results. To perform this service requires considerable experience and knowledge but performed correctly, generally results in all parties reaching a satisfactory conclusion. Sometimes this is achieved by alternatively negotiated terms along the way.
Questmoney have performed these services by providing, expertise, knowledge and management systems in the fields of Engineering, IT hardware and software systems, Software development, Manufacturing, Process and Process Controls and On shore/Off shore Engineering.
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