Contract management is the process of systematically and efficiently managing contract creation, execution and analysis for maximising operational and financial performance and minimising risk. It also involves building a good working relationship between the buyer and supplier throughout the life of the contract. Effective contract management does not only include developing agreements but also involves a series of actions that guide parties to the contract from inception stage through to the final stage. (pre-contract, actual and post-contract activities)

Contract management is a critical element in the procurement process. It is that part of the process that ensures that the objectives and conditions of the contract are strictly adhered to in of fulfilling a business need.
In managing contracts, some issues such as contractual disputes, non-compliance with the negotiated terms, long lead times, delivery delays, product defects and sub-standard quality may arise.

Contract managers can effectively manage contractual issues by incorporating clauses, conditions and terms that help to address these disputes. We are organising this Master Class to equip procurement professionals on how to properly manage contracts from it’s inception until the completion.