Best Practices With Contracting: An Introduction to Contract Management
Working with contractors is a vital part of almost every business. These professionals can significantly boost companies that need to scale up their operations or bolster their workforce. Still, just one bad experience with a contract dispute or other contractor issue can sour any business-contractor relationship. Incorporating best practices with contracting into your office policies is a great way to minimize the risk of negative contractor experiences, and a mission solutions company like Lewis-Price & Associates, Inc. can help.
Contract Management: Incorporating Best Practices With Contracting Into Your Business Strategy
Contract management is one vital aspect of building effective (and legally straightforward) relationships with contractors. The field of contract management encompasses various functions, including creating contracts, ensuring compliance, and resolving disputes. While every company may not employ dedicated contract management professionals, incorporating this field’s fundamental principles is a vital step toward an efficient contracting program.
Key Components of Contract Management
Professionals in contract management can fill a variety of roles and perform many functions. Still, there are a few basic tenets any business can incorporate into its contracting program:
- Contract creation, negotiation, and authorization involve working with key stakeholders to craft contracts that meet each party’s needs. Professionals must discuss and negotiate terms, authorize potential expenses, and create contracts that detail each term in concise yet thorough language.
- Document management and contract awareness are key facets of any contracting program. Businesses must keep documents organized and secure while keeping relevant parties aware of any pertinent contract terms.
- Contract compliance is perhaps one of the most essential aspects of management. Here, professionals must ensure compliance from all parties, including both contractors and businesses. Professionals assessing and encouraging contract compliance may focus on payment terms, deliverables and other intricacies in a client/contractor relationship.
Create a Standardized Process for Contract Creation and Management
One of the most crucial best practices with contracting is implementing a consistent process for contractors and managers. Any successful contracting program features consistent recruiting and onboarding processes, punctual responses, and open channels of communication at every stage. Incorporating these best practices and working with an experienced mission solutions company can ensure minimal complications with the contracting process.
About Lewis-Price & Associates Inc.
Lewis-Price & Associates, Inc., is a fast-growing mission solutions company supporting federal agencies through premiere training, program management and IT services. Serving federal agencies across the government spectrum, from defense to civilian, we ensure the success of ongoing federal agency operations through effective curriculum development, professional coaching, program management, and administrative and technical services. Lewis-Price is committed to providing high quality, effective and on-time solutions to partners and customers through a team that values integrity, intention and excellence in everything we do. Learn about how we can bring our unique approach to success to your organization today at lewisprice.com, and please follow us on LinkedIn, Facebook, and Twitter.