Understanding the Significance of Stakeholder Engagement and Collaboration in Contract Management

Description

This Skill Bit shows that effective contract management relies on engaging stakeholders and fostering collaboration to define roles, responsibilities, and expectations, ensuring successful outcomes. This process involves communicating with all vested parties, including contract participants, employees, suppliers, customers, and regulatory bodies. Addressing their needs and expectations leads to better contract execution. Stakeholders are categorized as primary (directly involved in the contract) and secondary (impacted by its outcomes), both of which must be effectively engaged to ensure overall contract success.

Duration approx. 3 Min.

Tier: advanced