The activities themselves are divided into two distinct but interdependent phases, upstream and downstream of the award of the contract. Given its importance for business performance, effective contract management in place drives long-term value for your organization. It also helps establish powerful stakeholder relationships.
A contract management process that will guide the entire lifecycle of the contracts will ultimately make or break the organization. Introduction and scope This guide is intended to cover all those activities associated with contract management from the establishment of the business case and the confirmation of nee through contract administration and relationship management to the review of contract performance. Here are just a few benefits that organizations who maintain an effective contract management strategy enjoy: Estimate costs and expenditure on every contract with greater accuracy. The standards for contract management may be spelled out formally in a contract management framework (CMF), which can help guide your organization’s process at a high level. The CMF has four main components that cover a range of activities.
What are contract management best practices? How to process a contract? What is effective contract management?

Good contract management is an essential component in achieving value for money for Australian Government procurements. (more…)