The Contract Procurement Process Can Be Managed In Six Steps
When it comes to developing a contract for a type of business or service there is a process that is followed. It is called the Contract Procurement Process and it generally has six steps.
While these six steps are important, it is also important to understand that this process is needed in order secure what you need for a project to get what you want in the end.
| What Is Contract Management? |
The first step in the Contract Procurement Process is to determine exactly what you need. This is the time to decide if you want to make something, purchase something, rent something or license something. Only you can make this determination based on your needs.
Once you have done that you need to either plan your RFP if that is how your company chooses contractors or you need to plan how you are going to attract contractors. This process should include you developing a contract with all of your needs.
Once you have done that then you need to go ahead and send out your RFP or determine who you want to use as your contractor. After you have awarded the contract, it is up to you to manage the administration of the facts of the contracts and eventually sign off on the work that has been done.
While the Contract Procurement Process details differ from assignment to assignment, they all follow relatively the same process to get it done. However, there are classes available for those who are confused about the process.
It is also possible to keep a database of the process as well for your business so that you can ensure that all of the steps are followed.
The administration of the Contract Procurement Process can be done via computer database or in person and is typically managed by upper management, owners, etc. in a company.
This is because this is a very important process that should not be left to those who do not have experience in contracts or the procurement of contracts.
Choosing the right person for the job is just as important as the process itself and requires some legal knowledge as well as the ability to negotiate contracts.
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