Contract (Management & Law)

 

'Contract (Management & Law)'

      The intended recipients of this 'Contract (Management & Law)' are professionals who handle contracts, encompassing responsibilities such as planning, tendering, evaluating offers, awarding contracts, executing agreements, monitoring progress, processing payments, developing vendors and resolving litigation. This book also seeks to support personnel who make offers on the contractor's side, execute contracts, and manage billing.

In contemporary times, it is inconceivable to envision a business operating without a contract. Contracts can take various forms, including B2C or B2B; they may pertain to sales or services; they can be small or large, short-term or long-term, public or private, vertical or horizontal, domestic or international and can exist in physical or electronic formats. An organization may engage with numerous vendors, suppliers, importers, and service providers through contracts.

A commercial enterprise enters into agreements with partners, associates, distributors, exporters or sellers to market products, whether they are goods or services. Nations develop infrastructure such as metro systems, railways, highways, airports, electricity, mining, software, communication networks and more through contractual agreements.

Nevertheless, the concept of contract management remains poorly understood and is not practiced in its true essence. The consequences of inadequate management lead to increasing risks that can adversely affect budgets and hinder the progress of contracts.

 We will begin by exploring what a contract is, how it is formed and how it is managed.

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