Showing 1273–1284 of 1429 resultsSorted by latest
This Skill Bit shows that effective contract management involves understanding your role, building a process, using tools (scorecards, benchmarking, reviews), collaborating with suppliers, and understanding contract clauses for successful agreements. Duration approx. 4 Min. Tier: advanced
This Skill Bit shows that common contract clauses include scope of work, payment terms, termination, force majeure, confidentiality, indemnification, dispute resolution, and governing law. Understanding these clauses is essential for risk mitigation, clear expectations, legal compliance, and contract enforceability. Duration approx. 3 Min. Tier: basics
This Skill Bit shows that managing underperformance involves root cause analysis, open communication, performance improvement plans, and potential renegotiation. Addressing contractual issues requires tracking, escalation protocols, legal review when needed, and a collaborative problem-solving approach. Supplier performance review meetings offer a structured forum to discuss performance (KPIs), expectations, and issues. They improve communication, provide feedback,…
This Skill Bit shows that benchmarking in contract management compares performance against industry standards or competitors (internal, competitive, functional) to identify gaps, set targets, promote innovation, and enhance collaboration. Contract performance reviews involve regular assessments, objective evaluation, two-way communication, and documentation. They contribute to early issue identification, collaborative problem-solving, clear communication, and effective dispute resolution…
This Skill Bit talks about the Contract Management Framework (CMF), which establishes policies, governance structure, standardized processes, performance measurement, and continuous improvement for effective and measurable contract management. Contract performance management involves using scorecards, benchmarking, and reviews to track progress. Strategies address underperformance and contractual issues. Supplier review meetings and understanding common clauses are essential….
This Skill Bit shows that successful contract management relies on strong supplier relationships (SRM) and applying process improvement principles from supply chain management for efficiency and smooth contract execution. Supplier Relationship Management (SRM) builds trust, fosters clear communication, and promotes collaboration with suppliers. It ensures alignment with strategy, utilizes feedback, and recognizes achievements for successful…
This Skill Bit talks about regular contract health checks and SWOT analyses, which assess performance, identify internal strengths/weaknesses and external opportunities/threats. This ensures contracts remain aligned with goals and contribute to organizational success. Contract performance management is a continuous process. Regular reviews, open communication channels, adaptability, and learning from experience are key for contract managers…
This Skill Bit shows that contract performance management involves using KPIs, balanced scorecards, dashboards, performance audits, quality control, and benchmarking to measure success, identify improvement areas, and ensure contracts deliver value. Monitoring contract performance involves customer surveys, regular reviews of KPIs and SLAs, feedback mechanisms, and benchmarking against industry standards. This ensures contracts meet expectations…
This Skill Bit shows that contract managers play a key role in risk management for supplier contracts. This involves identifying and mitigating risks, planning for business continuity, fostering communication, monitoring performance, and using contractual protections and scenario planning. Duration approx. 3 Min. Tier: advanced
This Skill Bit talks about legal contracts, which have key elements like offer & acceptance, consideration, and legal capacity. Key provisions include scope of work, payment terms, and dispute resolution. Contract managers ensure clarity, enforceability, and alignment with organizational goals. Duration approx. 6 Min. Tier: advanced
This Skill Bit shows that optimizing contract performance requires a structured process. Key elements include SOPs for clear workflows, using technology for efficiency, training the team, and fostering collaboration across departments. The contract lifecycle consists of 7 stages: initiation, planning, development, execution, monitoring, renewal/termination, and closeout. Each stage is crucial for smooth contract execution and…
This Skill Bit shows that Contract management onboarding equips new professionals with the knowledge and skills for successful contract execution. Key areas include understanding the contract manager’s role and responsibilities, as well as developing necessary skills like legal acumen, communication, and negotiation. Duration approx. 5 Min. Tier: basics
