CONTRACT MANAGEMENT PRINCIPLES AND PRACTICES

Contract Management Principles and Practices course at JK Michaels will reveal the best practices of contract management, which, when applied effectively, can ensure project success, speed performance, and reduce risks and costs. Discover the keys to contracting from your perspective in this practical course. Get an overview of all contracting phases, from requirements development to close-out. See how incentives can be used to improve contract results. Contract administration is a broad term to describe the management of the parties’ responsibilities in delivering contracts. At the core of each responsibility is the contract. 

Applying contract management concepts and practices effectively and efficiently is a need for staff members involved in the contracting process. They won’t get the most outstanding results from vendors, contractors, service providers, and other business partners with whom their organisation does business if they lack the requisite expertise and abilities. The uneducated or inexperienced manager will stumble over the procurement and supplier management process since it can be dangerous.

These employees will receive the necessary training in Contract Management Principles & Practices to effectively manage third-party suppliers, whether they are engaged in the construction industry, providing tools and supplies, or providing services. You will get knowledge of successful project procurement management in this course. You will study the vocabulary, strategies, and methods for translating project needs into outsourced goods and services and the logic underlying contracting concepts and practices. Understanding the roles, duties, and expectations of the internal and external stakeholders engaged in the procurement chain can teach you how to achieve effective procurements.

You will work on contracting-related tasks in this skills-development course for 70% of the class period, from requirements documentation until contract conclusion. A procurement strategy must be developed, contracts must be chosen, SOWs must be revised and updated, risk management must be implemented, claims must be settled through negotiation, and learning must be gathered.

CONTRACT MANAGEMENT PRINCIPLES AND PRACTICES LEARNING OUTCOME:

• Provide Better Outcomes From Commercial Contracts
• Monitor Contract Performance
• Be Able to Analyse Contract Obligations and Risks
• Control Variations to Contract
• Manage Contract Default
• Prepare for Contract Claims and Disputes 
• Consider and Use Different Solutions, Including Contract Suspension and Termination, if Things Go Wrong.

PERSONAL IMPACT

• Gives Global Recognition
• Increases your international marketability
• Increases career opportunities
• Create Job Security,while boosting your personality
• Create Job Security,while boosting your personality
• Keep up with challenges and trends

ORGANIZATIONAL IMPACT

• Increases overall organizational effectiveness
• Increases organizational agility and brand reputation
• Make your scheduling and shop loading more efficient
• Narrow the gap between sales and stock replacement
• Fine-tune your record-keeping accuracy for better inventory management

JK Michaels institute also offers other products and courses, including CONTRACT MANAGEMENT, CONTRACT MGT PRINCIPLES AND PRACTICES, Symptoms and Cure of Poor Contract Management, STRATEGIC PROCUREMENT MANAGEMENT, and STRATEGIC PROCUREMENT MANAGEMENT TRAINING.