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Contract management in construction is the process of overseeing and administrating contracts between various parties involved in a construction project. It encompasses activities such as the negotiation of contract terms , monitoring compliance with agreed-upon conditions, and facilitating dispute resolutions.
Conclusion. Effective construction contract management is critical to the success of any project, ensuring that it is delivered on time, within budget, and to the required quality standards. From the moment a contract is awarded to its final closeout, the process requires careful coordination, diligent oversight, and proactive problem-solving.
Contract management in construction is the management of legal documents that specify the duties, roles and responsibilities of both project managers and owners. It is a continuous process of assessing risk, identifying resources and defining partnerships.
There are five common types of construction contracts: lump sum (or fixed price), time and materials (T&M), unit price, guaranteed maximum price (GMP), and cost-plus.
Unlock the intricacies of construction contract management with our comprehensive guide. Dive into best practices, common challenges, and strategies to streamline your construction contract management.
Contract Management is about managing that relationship, and those risks, to ensure that both parties get the result they originally wanted. Everything such as cash flow, revenue, obligations management, and all other areas around this, flow from this simple premise.
By establishing robust controls, managing changes effectively, monitoring performance diligently, and conducting a thorough closeout process, construction professionals can navigate the complexities of contract management with confidence and achieve project success.