Contract

A contract is an agreement having a lawful object entered into voluntarily by two or more parties, each of whom intends to create one or more legal obligations between or among them. The elements of a contract are "offer" and "acceptance" by "competent persons" having legal capacity who exchange "consideration" to create "mutuality of obligation.
MS. S.BHARATHI

Contract Management
Contract management or contract administration is the management of contracts made with customers, vendors, partners, or employees. Contract management includes negotiating the terms and conditions in contracts and ensuring compliance with the terms and conditions, as well as documenting and agreeing on any changes or amendments that may arise during its implementation or execution.
MS. S.BHARATHI

Contract Management
It can be summarized as the process of systematically and efficiently managing contract creation, execution, and analysis for the purpose of maximizing financial and operational performance and minimizing risk

MS. S.BHARATHI

Contract Management
At decision points the customer might wish to examine work already done and make decisions about the future direction of the project There is a interactivity of the suppliers and customers during the development cycle which will provide information to assist interface design
MS. S.BHARATHI

Contract Management
When it is the identifying the decision point for larger project, it can be sub divided into increments. In Design Phase, before increment is been built, customers have to approve it There can be decision points between the increments.
MS. S.BHARATHI

Contract Management
For each decision point, the deliverables from the suppliers, the decisions to be made by the customers and the possible outcomes need to be defined. The contractors should not delay in the giving the information

MS. S.BHARATHI

Contract Management
There will a quality concerns also It is ISO 12207 standards being followed The customers and suppliers will validate and verify the deliverables Joint review will go in for negotiation Earlier changes can be made All the changes are recorded
MS. S.BHARATHI

Contract Management
The cost for additional work is also devised in Approvals for the changes to be made The customers must maintain the legal rights officially So both the increments and faults are recorded.
MS. S.BHARATHI

MS. S.BHARATHI