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:
Cost Plus Contracts
Unit Price Contracts
Time and Material Contracts
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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