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Books > Law > Laws of other jurisdictions & general law > Financial, taxation, commercial, industrial law > Commercial law
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Contract Management - Contractual Performance, Renegotiation, and Claims: How to Safeguard and Increase Profit Margins (Hardcover, 1st ed. 2021)
Loot Price: R3,028
Discovery Miles 30 280
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Contract Management - Contractual Performance, Renegotiation, and Claims: How to Safeguard and Increase Profit Margins (Hardcover, 1st ed. 2021)
Series: Law for Professionals
Expected to ship within 10 - 15 working days
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This book presents the latest findings relating to behavioral
economics and the digital tools applied to contract management.
There has been a decisive change in the role of contracts in the
past decade, with contracts being transformed from purely legal
necessities designed to protect against worst-case scenarios into
tools for optimizing ongoing and mutually profitable business
relationships with customers. There is an increasing emphasis on
tight contracts, where time-risk and additional costs are passed on
to the prime contractor, who may suffer heavy penalties in the
event of non-performance. Contracts shape the behavior of the
parties involved and as such have a major impact on project
success. The contract manager's goals are to protect the interests
of the company and its shareholders by minimizing the company's
financial and contractual liabilities and to maximize its
profitability while ensuring end-user satisfaction. The contract is
usually written before the design is fully developed, and there is
often a mismatch between contractual specifications and what the
customer actually wants. Good contract management entails
preserving the rights of the contractor by ensuring all parties
respect their contractual obligations; providing advice to the
project managers and engineering team; preparing profitable
amendments to contracts or change requests; maintaining good
record-keeping in the event that claims arise; filing notices when
necessary; and guiding the project to a profitable conclusion. Like
the ancient Chinese game of Go, moves made early in the game
(notification of events) can shape the nature of a potential
conflict one hundred moves later (arbitration threat). Contract
management can also smooth the relationship between partners,
allowing well-balanced "don't-trade-a-dollar-for-a-penny" contracts
to be managed through an established process rather than as
sporadic events (we cannot claim to be in control of our business
if we are not in control of the contracts on which it depends).
Managing a contract with a mix of incomplete manuals, fragmented
information, and poor planning can drive companies to "reinvent the
wheel." Contract management promotes a three-phase sequence to
streamline information flows across the contract lifecycle, from
the bid phase to performance, project closeout, and final payments.
General
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