Definition of Contract management:
Administrative activities associated with handling of contracts, such as (1) invitation to bid, (2) bid evaluation, (3) award of contract, (4) contract implementation, (5) measurement of work completed, and (6) computation of payments. It also includes monitoring contract relationship, addressing related problems, incorporating necessary changes or modifications in the contract, ensuring both parties meet or exceed each others expectations, and actively interacting with the contractor to achieve the contracts objective(s). Also called contract administration.
How to use Contract management in a sentence?
- Weve now added contract management assistance to our service roster; Korben Dallas has agreed to stay on for all negotiations.
- A recent addition to the Armys inventory of skills is the MOS of 51C which specializes in contract management to ensure the governments interests are maintained in the contractual relationship.
- While the specifics of the unions working relationship with the construction company were vaguely defined, the foreman was confident that he could work on contract management with the others.
Meaning of Contract management & Contract management Definition