Contracts Management

Different industry requirements for complex and large scale projects gives rise to the fact that there is no one size fits all contract for delivering results. That's why you need to know contracts strategies. Proactive and successful managers know that it is important to select the right contract from a suite of different contract models. An important consideration for contracts strategy is correctly identifying what you want to achieve from the project and scoping and bounding the project framework. Contract strategies can then be adopted and applied to the contributing variables that comprise the project framework.

Developing good contracts can be a time-consuming task with important decisions at every turn. Contracts strategies can apply to any number of variables including: assisting in the development of terms and conditions, tabulating and analyzing results, creating and mailing letters and agreements, preparing documents for legal counsel review and configuring and preparing tender documentation. Due to the complexity of the issues involved, specialized personnel are sometimes required to monitor and provide feedback and advice on how to best approach each of the core aspects of the contract process.

Assigned personnel that contribute to the assessment and monitoring of contracts strategies are responsible for providing expert input into the preparation of contracting and procurement strategies, providing contract strategy input into the formalization process, liaising with relevant contributors such as engineering, economics, logistics, risk management, procurement, concept and legal personnel. This can also include providing input into the project teams understanding of various contract strategies with an emphasis on risks, potential opportunities and lessons learned from past experience and projects.

Industry specific bodies sometimes offer training in key areas of strategic importance. The curriculums cover a diverse range of subjects that are tailored to the specific industry. Key areas that are typically covered include: project organization, risk value and management, project team management, procurement and contract strategies, costing, performance improvement, health & safety and sustainability. Undertaking additional study in these areas can equip staff with new insights that can be used to formulate contracts strategies. Further educational advice can be sourced by making contact with the local industry or government body that is most closely associated with the industry you operate under.

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