Department Planning and Effective Contract Management
Why do Departments need to manage contracts? One aspect that is central to the University functioning successfully, is contracts.
Contracts form the backbone of almost every business relationship that the University has with stakeholders such as its suppliers, partners, staff, faculty, and students. Given its importance for the University’s success, effective contract management drives long-term value for The University. It also helps establish powerful stakeholder relationships.
What is Contract Management? Is the process of managing contracts, from creation to the eventual termination of the contract. The foundation for contract management relies on the implementation of successful post-award activities.
What are the benefits to you? Avoiding unwanted disputes or surprises, decreasing risk, realizing goals, ensuring supplier stays responsive to the needs of the University, savings in money, time, and resources.
Department Planning. Departments should allocate time and resources for post award contract management activities such as:
- Health checks / Contract Obligation Management.
- Revisions and Amendments.
- Renewal, Expiry or Termination.
It's never too early to work with Procurement on your contract management goals and processes.
Helpful Resources. Here are some documents that provide post award Contract Management support throughout the contract’s lifecycle.