what is procurement and contract management
Contract management or contract administration is the management of contracts made with customers, vendors, partners, or employees.The personnel involved in Contract Administration required to negotiate, support and manage effective contracts are expensive to train and retain. study has found that for 42% of enterprises...the top driver for improvements in the management of contracts is the pressure to better assess and mitigate risks and additionally,nearly 65% of enterprises report that contract lifecycle management (CLM) has improved exposure to financial and legal risk..
Type of Contract to be Used. The purpose of this section of the procurement management plan is to describe the type of contract to be used so the contracts and purchasing department can proceed accordingly. There are many different types of contracts like firm-fixed price, time and materials (T&M), cost-reimbursable, and others.