Contract management is the process that permits the agency and supplier to meet their obligation in order to convey the intents required from the contract based on quality, time and specification within their budget. Contract management includes tracking, monitoring delivery & costs, managing risks & relationships between the agency, conducting reviews and resolving complications.
Create a Contract Management Plan
The management and relationship needs to be tracked if we are to derive the benefits from the Procurement. The contents of the plan can be tailored depending on Agency needs. A contract management plan contains all the key information about how a contract will be managed. It establishes systems and processes to ensure that the contractor complies with the terms and conditions during the performance of the contract.
In the plan, KPIs need to be set at an achievable rate; engagement plan to be developed, responsibilities to assigned and formal meetings timelines confirmed to discuss and challenges.
The contract management plan is a living document and it should be reviewed and updated throughout the life of the contract.
Please refer to our templates page for a Contract Management Plan template
FOR ASSISTANCE IN CONTRACT MANAGEMENT PLAN, PLEASE REFER TO OUR TEMPLATES PAGE
Do we need to do a Contract Management plan for all projects?
A formal contract management plan is not required for all contracts, but is strongly recommended where the contract value is material and includes complex technical requirements.