Things to do and not to do in Contract Management

Courtesy-magnumservices

There’s no doubt if you’ve decided to get your career in contract management, then it’s a good choice. Contract management is an important factor or process that needs to be done especially in public limited companies in order to run smoothly. However, as a professional there are things you can do and some that you shouldn’t. Here’s the list.

Do's –

  • You need to know every detail written on the contract. Once you know about it, you can easily come to know if there’s something fishy mentioned on it.
  • Making sure that the involved parties get updated when the contract is under execution.
  • After the delivery of the goods, the goods needs to be scanned for the quality as mentioned on the contract.
  • If changes need to be made, then it needs to be stated in the contract.
  • Reports must be made after every completion of task.

Don’ts –

  • Do not make changed on the contract without informing the involved parties as this will only lead to causing issues.
  • If a dispute arises due to the contract, then do not ignore it. The contract may go haywire if ignored.
  • Not following proper procedure as to what is mentioned on the contract.
  • Do not resolve the issue by yourself. Instead follow the dispute solving information stated in the contract.

One of the best ways to learn about contract management is by enrolling yourself in procurement management training programs. Do note that contract management is a part of procurement and people working in the procurement department must know about contract management. Since one is part of the other, you can learn about contract management through procurement certification courses from a reputed institution.