What are the stages of contract?
The 7 Stages of Contract ManagementStage One: Contract Preparation—Identify Your Needs, Establish Goals, Set Expectations, and Define Risk.
Stage Two: Author the Contract.
Stage Three: Negotiate the Contract.
Stage Four: Get Approval Before Finalizing the Contract.
Stage Five: Execute the Contract.
Stage Six: Keep Up With Amendments and Revisions.More items…•.
Why is contract administration important?
Contract administrators play a critical role in the success of a project. By ensuring that the terms of the contract are fully carried out, contract administrators lower the organization’s exposure to business and legal risk and make it more likely that the organization will turn a profit as a result of the deal.
Who is ultimately responsible for contract administration?
(6) Monitoring contract modifications and terminations. d. Ultimately, the administration of a contract is the responsibility of the contracting officer who is the only person who may modify the contract or take action to enter into or change a contractual commitment on behalf of the U.S. Government.
What are the contract responsibilities?
Contract obligations are those duties that each party is legally responsible for in a contract agreement. In a contract, each party exchanges something of value, whether it be a product, services, money, etc. On both sides of the agreement, each party has various obligations in connected with this exchange.
What is the role of a contract specialist?
A contract specialist is responsible from every phase of contract development from researching the legal regulations to negotiating the terms and preparing the print document. … Contract specialists are also responsible for assisting clients to terminate contracts on favorable terms.
Who is contractor?
A contractor is a person or company that works on a contractual basis, negotiating deals with different clients to work on specific jobs or projects. … Unlike employees, contractors do not carry out regular work for a single employer. Instead, they work for a number of different clients as and when required.