Importance of Contract Management In Construction

Importance of Contract Management In Construction Introduction Contract Management is one of the process in construction management that helps to build a good working relationship between the customers and the service providers. Effective contract management can indeed pave the road to higher profitability by creating some powerful business relationships as well as some important business issues need to be addressed too while understanding the contract management lifecycle.

There are many small things in the initial phase of a construction project that needs to be taken care of. Amongst all is Contract Management. Yes, it continues throughout the life of the contract and involves managing proactively to anticipate upcoming needs as well take proper care of situations that arise during the construction phases.

One of the key aims of contract management is to obtain the services as agreed in the contract and gain value for money. It is most important to build a contract that identifies the duties and demands of the contractor and the employer. The contract must be established on firm formal and legal foundation and should be versatile to accommodate changes, variations, etc.

Contract management is all about reducing the issues that come during the construction process and achieving the completion of the project as envisioned.

Increasingly many organizations are departing from traditional methods of contract management and are moving towards building constructive relationships with the involved stakeholders. The contract management consists of the entire fulfillment of roles and responsibilities.

Contract Management is an integral part of construction projects. Managing the contracts, therefore, is equally crucial to the success of every business process due to the rapid increase in multiple contracts. In the present scenario, contracts and

partnerships are an essential part of today’s high speed, multilateral fast-growing business culture both in public and private sector. Whereas many commercial and project managers are facing management issues, thus to solve, it is vital for the organizations to learn and understand the in-depth knowledge of contract management, its values, and laws.

NIBT (National Institute of Building Technology) have come up with an outstanding eLearning course that offers a practical guide to managing contracts.

Explore the vast knowledge of contract lifecycle right from tendering and negotiating to identifying and managing the risks.

The Contract Management course offers: • Contract Creation • Contract Review • Contract approval • Contract execution • Contract management lifecycle The course is designed for: •

People’s working in large or small organizations, government and commercial

entities, or as entrepreneurs •

Contract administrators, subcontractors, procurement managers, project

managers, quality assurance personnel, and others looking to enhance their career •

Engineering, law, business professionals, and others wishing to enter in this

field Here are the few potential opportunities for completion of this course: • Contract Manager

• Project Manager • Procurement Specialist For those who want to enhance their career skills in the management area, especially in contract management can go for this course. It will undoubtedly help in boosting the skills as well as gives a bright pathway to success.