It’s tempting to take a “set it and forget it” approach to contract management and assume that because you’ve hired such a qualified vendor, they’ll be able to meet your objectives and complete the full project scope on time and within budget. You may only feel the need to worry about compliance activities, such as paying invoices or checking that insurance certificates are valid.
A Contract Management Plan (also commonly known as a Contract Fact Sheet, Contract Administration Plan, or Contract Monitoring Plan) can create a user-friendly tool that makes sense of dense and lengthy contracts and shares the core elements of the contract in a manner that is clear, condensed, and accessible. This tool can also enable contract managers or contract administrators to have a clear understanding of key deliverables, know core risks to mitigate, and foster clear communication. You are encouraged to adapt this template to meet the needs of your government or specific contract.