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Experience Work 10 Designed by users to work the way they work. Complex jobs mean that contractors are always managing risk and dealing with uncertainty. Explorer Eclipse is a fully integrated accounting and project management software designed specifically for the construction industry. Collect and review labor, equipment hours, and more from the job site. We store all your company documents such as RFIs, POs, submittals, photos, and emails for easy retrieval.
Track day to day data on any project to spot cost overruns before they hurt your profits. To do that effectively, the software must be both easy to use and extremely powerful. Eclipse was developed with this in mind. We bring your data and your people together on one easy-to-use platform so you can make informed decisions your whole team can get behind. The precise wording of contracts is crucial to contract management.
Contract management also applies to managing different contracts with freelancers or employees. These occasionally require management and alterations that help both parties. Generally, contract management involves a few key stages.
There's the early stages or pre-award phase. This is all the work that takes place prior to a contract being given to someone, whether it be a business or an employee. The middle stage is when the process is awarded. This includes all the paperwork to make the agreement final. Third, there's the post-award stage. This is where a lot of contract management and maintenance comes in. Those three basic stages are a simple way of looking at contract management in three phases, but the process is more complicated than that and can be viewed in more stages depending on how detailed a view you're taking.
We'll discuss a deeper view of the process later. It isn't enough that an organization has professionals in place to handle contract management. Employees must be augmented with the presence of processes and software companions to satisfy increasing compliance and analytical needs. When a contract management strategy is successfully implemented, organizations can expect to see:.
The foundation for contract management relies on the implementation of successful post-award and upstream activities. During the pre-award stage, employees should focus on the reason for establishing the contract and if the supplier can fulfill the terms of the agreement.
Additional consideration is needed to understand how the contract will work once awarded. Avoiding unwanted surprises requires careful research and clarity of purpose in the actual contract. Contract management requires a level of flexibility for both parties involved and a willingness to adapt contract terms to reflect any changing circumstances. Problems are inevitable, which means organizations must be prepared for the unexpected and be able to adjust contract terms when needed. While there are many components of contract management, we can summarize the process by breaking it into five clear stages: creation, collaboration, signing, tracking and renewal.
We can further identify individual steps within the stages. In all, we can break the process down into nine steps, each of which contributes to one of the five overarching stages. This makes it easier to manage the end-of-quarter crunch that tends to happen when it's time for a new round of contracts.
Here are the steps of each stage:. Much of contract management comes down to handling these nine steps. Contract lifecycle management is critical. As different contract types go through their various stages, contract managers need to monitor any potential changes or breaches of contract.
If an employee or business is unhappy with their contract, it might be worth making alterations to the contract. It's important to follow contractual obligations while also making sure both sides of the contract are happy.
There are many times during the contract management process when lifecycle management becomes important. Vendor performance and risk management are important considerations during the management of contracts. For example, if a vendor fails to meet their contractual obligations, you may need to rework the contract or enforce some disciplinary measure. While the tradition is to manage contracts manually through folder and file cabinet storage, the practice is riddled with inefficiencies that can only detract from an organization's overall efficiency.
Contract management software is an electronic approach to solving these problems. Contract management software suites can organize all contract paperwork.
The software can put signing and renewing on an electronic calendar that is easy to manage, and it can help you track and allocate resources related to the contract management process. Integration with an automated contract management service can free up countless man-hours and automate countless processes associated with managing a contract, thus creating more value for a company.
Using contract management software can make it easier to monitor complex contracts without relying solely on paperwork. This software will primarily see use in departments that directly deal with creating, tracking and signing contracts. This is often offloaded to the HR department, which manages the vein of employment accounting.
The software can also involve managers who need to complete vital processes. Since it can integrate with calendars and communication software, HR can use the heavy-lifting components of the software suite , while the rest helps to loop in managers and personnel who are needed for specific aspects of signing or negotiation.
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