Contract Management - Six Key Processes

Google search will throw many results on this topic.   Noted a gist here for my ready reference.

Process-01:   Procurement  Planning

What to procure and what not to procure, how much to process, when to procure, how to procure, ….

Process-02:   Solicitation  Planning

The process involves the preparation of documents required to go ahead with the solitation.  How to solicit (bids, RFQ, RFP), documenting the evaluation criteria, ….

Process-03:   Solicitation

Floating bids/quotation requests,  pre-bid conferences, clarifications, and obtaining the quotes/proposals from prospective vendors.

Process-04:   Source  Selection

Evaluation of the quotes/bids as per the criteria planned, negotiating with eligible vendors, and concluding the procurement contract.

Process-05:   Contract  Administration

Project progress reviews vis-à-vis planned progress, budget vs actuals, change management controls, … complete.   In short, all processes other than  procurement processes indicated above, fall  in this process category.

Process-06:   Contract  Closeout

Even when the physical execution of contract scope is completed, there would be many administrative activities that are to be attended to, to close the contract.   These include all reconciliations, documentations, collecting  work completion certificates, releasing of Bank Guarantees, cancelling of some licenses/registrations,  ….    

This process also includes  post project audit to note the lessons-of-experience.   Accordingly, that experience(s) could be used to improve the processes for implementation in other ongoing projects as well as in new projects.   Continual Improvement.

Jaikishan

7th Nov 2014