Week 4 Team Paper

In: Business and Management

Submitted By waitress9
Words 763
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Learning Team Reflection Week 4
How does the development of a contract administration plan affect a company’s business?
A contract administration plan is critical to the success of a company that relies on complex contracts to conduct operations. A contract by definition is a binding agreement between two or more parties. The parties may be individuals, business entities, or a governmental entity. Before a contract is drawn up negotiations occur where one party offers a product or service under precise terms for a set fee. Most contracts cover a specific time frame. The bigger and more complex the product or service, the more a contract administration plan is necessary. The plan keeps detailed notes on milestones, deadlines, and the submission of any deliverables. The ultimate goal of a contract administration plan is to provide company’s involved in the contact agreements with maximum profit with minimal risk.
The development of a contract administration plan affects a company’s business because it helps companies manage projects, original documents, costs, deadlines, and spending. Proper contract management “saves time and money when change orders are requested or claims or prepared.” (Cross,2012). The information found regarding preparing a contract administration plan, states that the company has the ability to focus on the major contract outputs and best practices. It is the road map to ensure that the company receives all that is stated in the contract from the outside contractors.

Does your company subscribes to such an activity, and if so, how?
Our team members agree that the companies that we work for have implemented a contract administration plan. In the initial stages of the plan many steps are needed to be followed. The plan help in determining what goods and services the company will use and the requirements needed to fulfill the needs of the…...

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