The Contract Administration Process

Description

This Skill Bit talks about Contract administration, which encompasses several essential steps. It starts with contract initiation, where objectives are defined, and roles are understood. Once signed, the contract becomes legally binding, and work begins. Continuous monitoring and compliance ensure adherence to the contract’s terms. Amendments or changes may be necessary, documented with proper approvals. Dispute resolution procedures are established to handle conflicts efficiently. Finally, the contract is closed when all obligations are fulfilled. Key takeaways: Each step is vital for managing contractual relationships effectively.

Duration approx. 2 Min.

Tier: basics