Contract administration can basically be described as the process of effectively managing and controlling the legal agreements with which businesses usually form with key stakes, for example employees, vendors, and any other appropriate third parties. These mutual agreements are usually in the form of written submissions, though at times they may exist orally and also as mutual acknowledgments his made specifically between a company and another party. Public Contract Administration is a process that has great advantages, if handled properly.
It is important to have public procurement for them to fairly award those suppliers that have delivered their duty cost effectively and timely for the betterment of the entire country. For the whole process to run successfully there must be collaboration from the different department in the firm such as finance, technical, and even the requesting entity. This helps to find out if the risks involved in performance and any other unsatisfactory completion of duty was minimize and a lot of effort had been pit in.
The whole process to plan may appear to start as soon as selection has been done but ideally once the signing has taken place then administering of the contract has kicked off. The deliverables of agreement are accepted and both sides are now bound to the terms and the conditions of contract and have to deliver to its rules without fail such that the goods meet the standards and any changes should be well noted.
First of all, this process plays a very great role especially in building a strong stakeholder relationship. It is a process that is very essential for all companies, as it helps set up a good working relationship with any other organization or even person. For instance, hiring employees is a form of agreement, since the employer is agreeing to ensure that it pays the employee its dues, in exchange for the services or labor that the employee dispenses. Both sides must thus live up to their expectations, for the agreement to be viable.
Goods received should be of the right quantity, services or works should meet the standards that were stipulated in the agreement and should there be any corrections or changes on the agreement they should be well documented.
There should be a final inspection to conclude the agreement before the acceptance of goods and services prior to the date that the contract should be ended. This inspection mainly confirms that the work has met all the technical standards, the duty id delivered on time, required documents are delivered and all the items are in the correct quantity.
During the procurement cycle there must be identification of all the requirements and finally end with and award while the agreement administration commences with an award and completes with a termination or completion. Administration makes sure that all the mechanism is in their rightful place and evaluates the agreements between the buyers and sellers.
Success of a contract relies on how it is administered and therefore a lot of attention is needed here because a lot of corruption, mismanagement of public funds and other irresponsible acts happen here. Long before it is issued the administration has to show the ability to be organized and effective and once it is a success even procuring will not be a headache since it will even take lesser time to carry out.
It is important to have public procurement for them to fairly award those suppliers that have delivered their duty cost effectively and timely for the betterment of the entire country. For the whole process to run successfully there must be collaboration from the different department in the firm such as finance, technical, and even the requesting entity. This helps to find out if the risks involved in performance and any other unsatisfactory completion of duty was minimize and a lot of effort had been pit in.
The whole process to plan may appear to start as soon as selection has been done but ideally once the signing has taken place then administering of the contract has kicked off. The deliverables of agreement are accepted and both sides are now bound to the terms and the conditions of contract and have to deliver to its rules without fail such that the goods meet the standards and any changes should be well noted.
First of all, this process plays a very great role especially in building a strong stakeholder relationship. It is a process that is very essential for all companies, as it helps set up a good working relationship with any other organization or even person. For instance, hiring employees is a form of agreement, since the employer is agreeing to ensure that it pays the employee its dues, in exchange for the services or labor that the employee dispenses. Both sides must thus live up to their expectations, for the agreement to be viable.
Goods received should be of the right quantity, services or works should meet the standards that were stipulated in the agreement and should there be any corrections or changes on the agreement they should be well documented.
There should be a final inspection to conclude the agreement before the acceptance of goods and services prior to the date that the contract should be ended. This inspection mainly confirms that the work has met all the technical standards, the duty id delivered on time, required documents are delivered and all the items are in the correct quantity.
During the procurement cycle there must be identification of all the requirements and finally end with and award while the agreement administration commences with an award and completes with a termination or completion. Administration makes sure that all the mechanism is in their rightful place and evaluates the agreements between the buyers and sellers.
Success of a contract relies on how it is administered and therefore a lot of attention is needed here because a lot of corruption, mismanagement of public funds and other irresponsible acts happen here. Long before it is issued the administration has to show the ability to be organized and effective and once it is a success even procuring will not be a headache since it will even take lesser time to carry out.
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