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Contract management or contract administration is the management of contracts made with customers, vendors, partners, or employees.Contract management includes negotiating the terms and conditions in contracts and ensuring compliance with the terms and conditions, as well as documenting and agreeing on any changes or amendments that may arise during its implementation or execution.
Management contract companies have information on business finance also. This puts the business in a vulnerable position. Hiring an outside contractor makes it difficult for the business to foresee the number of conflicts that can occur. For example, a business owner hires a contract management company for the operations of the company.
Contractor management is the managing of outsourced work performed for an individual company. Contractor management implements a system that manages contractors' health and safety information, insurance information, training programs and specific documents that pertain to the contractor and the owner client.
The work breakdown structure provides a common framework for the natural development of the overall planning and control of a contract and is the basis for dividing work into definable increments from which the statement of work can be developed and technical, schedule, cost, and labor hour reporting can be established.
These parties work for both contracting agency and contractor completing various elements of work associated with contract development, contracted work completion or performance management / measurement. A typical process for implementing a performance-based contract is as follows:
Defense Contract Management Agency, responsible for contract administration of US Department of Defense contracts. NASA SEWP, an example of an acquisition contract that expanded from its original narrow focus to serve the entire Government; No-bid contract; Small and medium enterprise; Top 100 US Federal Contractors
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