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Contract Analysis Doc (1)

The document outlines the importance of performance and progress records in contract management, detailing key performance indicators and their benefits. It emphasizes the necessity of proper documentation, managing changes effectively throughout the contract lifecycle, and the benefits of doing so, such as enhanced compliance and risk mitigation. Best practices for change management include leveraging software tools, regular training, and periodic audits to ensure efficiency and adherence to protocols.

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vomollo02
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3 views

Contract Analysis Doc (1)

The document outlines the importance of performance and progress records in contract management, detailing key performance indicators and their benefits. It emphasizes the necessity of proper documentation, managing changes effectively throughout the contract lifecycle, and the benefits of doing so, such as enhanced compliance and risk mitigation. Best practices for change management include leveraging software tools, regular training, and periodic audits to ensure efficiency and adherence to protocols.

Uploaded by

vomollo02
Copyright
© © All Rights Reserved
Available Formats
Download as DOC, PDF, TXT or read online on Scribd
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I)PERFORMANCE AND PROGRESS RECORDS

This involves setting clear expectations, establishing performances indicators and continuously
measuring and assessing progress

These records typically includes key performance indicators in contract management.

The performance indicators include;

1) Compliance rate- ensuring that both parties adhere to the contract term

2) Assessing quality - evaluating if the quality of goods or services provided

3) Frequency of contract renewal - if the service provider is giving the best to the contracting entity they
will be awarded the contract more frequent.

4) Contract volume - the record of all that should be supplied or services to be rendered at a particular
time.

Benefits.

1) Accountability - clear performance metrics help hold all parties accountable

2) Early issues identification - this helps in taking early corrective actions.

3) Informed decision making - performance data supports better decision- making and strategy
adjustment.

ii)FILES AND DOCUMENTATION

Proper documentation is the backbone of effective contract management. Documents under used in
contract management includes:

1)Contract Documents: Original signed contracts, amendments, and related legal documents.

2)Correspondence Records: All communications between parties, including emails and meeting minutes.

3)Financial Records: Invoices, payment records, and financial statements.

4)Performance Reports: Regular updates on how well the contract terms are being met.

5)Compliance Documents: Proof of adherence to relevant laws and regulations.

iii)Managing Change in Contract Management


Contracts are living documents and may need changes over their lifecycle. Managing these changes
involves:

1)Change Requests: Formal documents outlining the proposed changes and reasons.

2)Impact Analysis: Assessing how the change will affect the contract terms, costs, and timelines.

3)Approval Process: Gaining consent from all stakeholders before implementing changes.

4)Documentation: Updating all relevant documents to reflect the changes.

5)Communication: Informing all parties about the changes and ensuring they understand the
implications.

Contract managing change process

1)Identification of Change Requirement: Recognize the need for a change, which could arise from
various factors such as shifting project goals, regulatory changes, or unforeseen circumstances.

2. Change Request Submission: Formally submit a change request detailing the proposed changes,
reasons, and potential impact.

3)Change Request Evaluation: Assess the change request to understand its implications on the contract
terms, costs, timelines, and other relevant factors.

4)Impact Assessment: Conduct a thorough analysis to evaluate the potential impact of the change on all
parties involved.

5)Negotiation and Approval: Engage in negotiations to agree on the terms of the change. Obtain
approval from all relevant stakeholders.

6)Formalization and Documentation: Update the contract documents to reflect the approved changes.
Ensure all modifications are clearly documented and legally binding.
7)Implementation of Changes: Implement the changes as per the updated contract terms. Communicate
the changes to all parties involved.

8)Post-Change Evaluation: Monitor the effects of the change to ensure it meets the intended objectives
and address any issues that arise.

BENEFITS OF MANAGING CHANGE

1)Enhanced Compliance: Ensures that all changes are documented and legally binding, which helps in
meeting regulatory and contractual obligations.

2)Risk Mitigation: Identifies and addresses potential risks associated with changes, reducing the
likelihood of disputes and financial losses.

3)Better Relationship Management: Fosters trust and collaboration between contracting parties by
maintaining transparency and clear communication throughout the change process.

4)Cost Control: By carefully managing changes, organizations can avoid cost overruns and ensure that
budgets are adhered to.

BEST PRACTICES FOR CHANGE MANEMENT

a)Leverage Contract Management Software: Use software tools that provide


centralized storage, version control, and change request tracking to manage contracts
more effectively. These tools streamline workflows and reduce the risk of unauthorized
or undocumented changes.
b)Regular Training on Documentation and Compliance: Ensure team members
understand documentation practices and compliance requirements for managing change.
Training promotes uniformity in documentation, making the contract management
process smoother and more efficient.
c)Periodic Audits and Reviews: Conduct regular audits of contract records and
documentation to identify discrepancies, non-compliance, or unauthorized changes.
Audits also serve as checkpoints to ensure change management protocols are followed
consistently.

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