This data set of Procurisk has been designed to deal with and emphasise post-contract award actions.
It is recognised that procurement and, potentially, a multitude of stakeholders may have their finger in the contract management pie. In general business terms there is no shortage of examples where inadequate contract management has led to disastrous consequences.
These include, project costs spiralling out of control, timescales slipping, production being stopped, the supplier managing stakeholders and agreeing contract changes without following the correct process.
Equally, the inadequacy of contract review meetings is legend, as is the failure to maintain an audit trail. The business benefits derived from applying and actioning the resultant need to sharpen up contract management performance will be reflected in the contractual obligations being met in accordance with the contract. It is generally accepted that Contract Management is one of the least trained skills in business.
In some organisations a minimum of 40 hours training is required to achieved a basic level of competence. In others no training is provided. At an extreme level there are some contract managers who are not permitted to have access to the contract they are supposed to be managing.