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Stage One: Contract PreparationIdentify Your Needs, Establish Goals, Set Expectations, and Define Risk. Stage Two: Author the Contract. Stage Three: Negotiate the Contract. Stage Four: Get Approval Before Finalizing the Contract. Stage Five: Execute the Contract. Stage Six: Keep Up With Amendments and Revisions.
Contract management includes negotiating the terms and conditions in contracts and ensuring compliance with the terms and conditions, as well as documenting and agreeing on any changes or amendments that may arise during its implementation or execution.
The contract management process is the interaction between the vendor and the purchaser that ensures that both parties meet their respective obligations in any procurement relationship. The aim is to meet the operational, functional and business objectives required by the contract and provide a profitable interaction.
Contract management is the process of managing contract creation, execution, and analysis to maximize operational and financial performance at an organization, all while reducing financial risk. Organizations encounter an ever-increasing amount of pressure to reduce costs and improve company performance.
Stage One: Contract PreparationIdentify Your Needs, Establish Goals, Set Expectations, and Define Risk. Stage Two: Author the Contract. Stage Three: Negotiate the Contract. Stage Four: Get Approval Before Finalizing the Contract. Stage Five: Execute the Contract. Stage Six: Keep Up With Amendments and Revisions.
Understand Your Abilities and Limitations. Learn and Abide by the Many Rules. Never Miss a Deadline. Maintain Good Working Relationships. Use the Right Technology.
There are a number of databases you can use to find federal contracts to bid on. The Dynamic Small Business Search (SBS) is a database that government agencies use to find small business contractors for upcoming contracts. Federal business opportunities for contractors are listed at FedBizOpps.gov.
As with any business contract, a government contract will include a Statement of Work (SOW) that defines expectations for the execution of the work, along with delivery dates and other requirements. A good yardstick in preparing bids is that government agencies expect businesses to make about a 15 percent profit.
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