A contract is a written agreement, enforceable by law, between a procuring entity and a supplier, contractor or service provider for the provision of goods, works or services.
Contract administration involves all activities related to the monitoring of suppliers, contractors and service providers’ performance in the fulfillment of their contractual obligations, and to ensure appropriate actions are taken to promptly remedy any deficiencies observed in contract implementation, scope or terms and conditions.
Where does it start?
Preparation for contract administration begins with planning, which should begin during the bidding and selection process. This planning includes the nomination of contract administrators, a strategy for undertaking periodic performance review, the timeframe for certifying performance and acceptance of contract deliverables in order to avoid payment delays, and an understanding of the contract terms and conditions to ensure effective oversight.
Although the actual planning begins during the selection process, contract administration actually starts upon the signing of the contract, which is the point at which the parties to the contract are bound by its terms and conditions. [Read more…] about Contract Administration Basics