Contract Management of Civil Works Contracts | Different types of Construction Contracts | Best Contruction project management


Contract Management:

Definition

It is often defined as a Multi-stage process that goes on through the whole duration of the contract and ensures that the parties meet their contractual obligations so as to deliver the precise objectives provided within the contract.

Purpose

To make sure that the objectives of the contract Supply of products, delivery of Services, or execution of works are performed as per scheduled time and fashion and value of cash are achieved. In practice, this suggests optimizing the efficiency of the method, balancing costs and risks against returns, and ideally aiming for continuous improvement in performance over the lifetime of the contract.

Management of Civil Works Contracts

Generally, the Civil Works contracts are among the foremost complex contracts and thus they're the foremost challenging in terms of contract management. They require more expertise for his or her management.



Different types of Construction Contracts

·         The most common types are the following:

         Lump-Sum or Fixed Price Contracts
         Cost Plus Contracts
         Unit Price Contracts
         Time and Material Contracts

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3 comments:

  1. The Civil Works contracts are among the foremost complex contracts and thus they're the foremost challenging in terms of contract management. They require more expertise for his or her management.

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  3. The lease equipment financing industry in Canada has a self governing body called the CFLA - Canadian Finance and Leasing Association contract lifecycle management software. Its U.S. equivalent organization recently put out a report on business financing availability and optimism - Let's look at some of the key highlights of the report and try and put some Canadian flavor to them!

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