The Essentials and Importance of Contract Administration

Description

This Skill Bit talks about how contract administration manages contracts from start to finish, ensuring compliance, addressing changes, and resolving issues. It is essential for risk mitigation, cost control, and maintaining legal and contractual compliance. Effective administration also includes monitoring performance to optimize outcomes and providing frameworks for resolving disputes. Key takeaways: Contract administration helps mitigate risks, control costs, ensure compliance, monitor performance, and resolve conflicts, promoting successful contractual relationships.

Duration approx. 3 Min.

Tier: basics