Project Management: Contracts | What is contract management?

Find out what managing contracts is all about. Contracts are used frequently in projects and involve how challenges and changes will be tackled and set out risks and obligations for each party. Contract management is vital and contracts must be administered properly otherwise chances of successful delivery is reduced.

Project managers need to understand the importance of contracts from the simple, short ones to the long, complicated ones; contracts are central to most projects. Contract management should start from the draft stage, so get involved early if possible. If you’re joining a new project with a contract already in place, try to understand it and the relationship with the other party.
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