What is a Contract?
A contract is an agreement that is executed between two or more parties, that can include terms such as payments, marketing reporting requirements, proposals and procurement statement of work. A contract agreement also defines the roles and responsibilities that both parties share, and they have to abide by the terms and conditions mentioned in the contract agreement. If any of the parties mentioned in the contract agreement wants to make changes or add new clauses in the agreement, then it has to be done with the concern of the other party as well. If both parties agree then they can include these changes, which has to be written formally by the legal experts. A legal contract includes an offer, acceptance of that offer, consideration, legal capacity and legal purpose.
Contract Change Control System
This system includes change procedures, forms, dispute resolution processes, and tracking systems as specified in the contract.
Procurement Performance Reviews
While administering procurement process, the buyers project manager analyzes all available data to verify that the seller is performing as they should.
The term claim can be used in situations if a buyer breaches any clauses stated in the agreement, which entitles the seller to claim a compensation for the breach made by the buyer. The issues can be settled in many ways, they can settle the issue through negotiations or through the use of the dispute resolution process.
Records Management System
A good record keeping system is very important because it can be used as a reference during the procurement process, completion of work and also for making future references. A record management system can be quite extensive and can include indexing systems, archiving systems, and information retrieval systems.
Contract interpretation is important and it requires legal experts or lawyer’s assistance to interpret it appropriately.
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