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.
But seeking continuous improvement through contract management is crucial to realizing the outcomes you set forth in your solicitation. Without strong contract management practices, you could see incomplete or unsatisfactory service, missed deadlines, unfulfilled deliverables, and unspent sums. This how-to guide will help you match your contract management approach to the appropriate intensity for a specific contract. You'll learn new ways of working collaboratively with your vendors, understand strategies for shifting your contract management approach from compliance-oriented to one centered on improved performance, and build your toolbox of management strategies for successful performance.