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These firms play a crucial role in delivering complex projects on time and within budget. Various abbreviations used for this type of contract are LSTK for lump sum turn key, EPIC for engineering, procurement, installation & commissioning and EPCC for engineering, procurement, construction and commissioning.
The responsibilities of a Contracting Officer are detailed in the FAR (48 CFR) Part 1.602-2: "Contracting officers are responsible for ensuring performance of all necessary actions for effective contracting, ensuring compliance with the terms of the contract, and safeguarding the interests of the United States in its contractual relationships."
Construction Managers help to inform good decision making on behalf of the owner through planning, design, permitting, construction contract procurement, and during construction. A primary role of the CM is to ensure the terms of the Construction Contract are fulfilled by the Contractor.
Procurement is one component of the broader concept of sourcing and acquisition. Typically procurement is viewed as more tactical in nature (the process of physically buying a product or service) and sourcing and acquisition are viewed as more strategic and encompassing. [citation needed] Multiple sourcing business models and acquisition models ...
A Contracting Officer's Technical Representative (COTR) is a business communications liaison between the United States government and a private contractor.The COTR is normally a federal or state employee who is responsible for recommending actions and expenditures for both standard delivery orders and task orders, and those that fall outside of the normal business practices of its supporting ...
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.
Bid managers may work in conjunction with a bid director and often with specialists in the construction and built environment industries to create and manage the bid for a project. [1] A bid manager's role varies based on the industry and how the individual company has structured their management of sales cycle.
Many industries employ procurement officers, from small companies to global organizations. In a small company, the procurement officer may work singly, but often there is a team that executes the purchasing for an organization. A chief procurement officer working for a multinational corporation might manage a globally-dispersed team.