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There are many reasons for implementing an efficient and automated contract management system on your next engineering or construction project. First and foremost, “Effective contract management can ultimately create a powerful business relationship and pave the road to greater profitability over the long-term.” 1Relationships aside, there are some important business issues that need to be addressed too. Hiring experienced professionals isn’t enough to ensure the proper handling of contracts. Employees need processes to satisfy increasing compliance and reporting requirements. When a contract management strategy is successfully implemented, The out puts are:

Spend less time and money on claims and litigation

Ensure regulatory and policy compliance measures are being met

Measure contractor and project performance

Pay contractors on time

Avoid contract leakage

Track correspondence

Monitor contractor behaviour

The Naik & Associates Contract Management Guide has following activities:

Developing a bid or pre-qualification list

Drafting the specifications and requirements

Responding to and negotiating bids

Evaluating contractor tenders

Awarding the contract