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CONTRACTS MANAGEMENT PRINCIPLES AND REGULATIONSName of document:Contracts Management Principles and RegulationsReference number: (supplied by Office of the Registrar)Originator/Author: (name and position)Custodian: (position/office)Approved
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Gather all necessary information and documents related to the contract.
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Review the terms and conditions of the contract thoroughly.
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Identify the key deliverables and objectives of the contract.
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Understand the roles and responsibilities of all parties involved.
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Clearly define the timeline and milestones of the contract.
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Establish a mechanism for tracking and monitoring the progress of the contract.
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Anticipate and address potential risks or disputes that may arise during contract execution.
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Ensure compliance with legal and regulatory requirements.
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Seek appropriate approvals and signatures from authorized individuals.
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Implement a system for effective contract administration and record-keeping.

Who needs contracts management principles and?

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Organizations that engage in various business transactions and agreements that require legally binding contracts.
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Legal departments and lawyers involved in drafting, reviewing, and negotiating contracts.
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Government agencies and institutions that enter into contracts with external vendors or contractors.
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Small and large businesses alike, as contracts management principles help ensure transparency, accountability, and risk mitigation.
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Contracts management principles are guidelines and best practices for effectively managing contracts throughout the contract lifecycle.
Organizations involved in contract management, such as businesses, government agencies, and non-profit organizations, are required to file contracts management principles.
Contracts management principles can be filled out by providing information about the organization's contract management policies, procedures, and practices.
The purpose of contracts management principles is to ensure that contracts are managed efficiently, effectively, and in compliance with relevant laws and regulations.
Information such as contract management policies, procedures, risk management practices, compliance monitoring procedures, and contract performance metrics must be reported on contracts management principles.
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