Contract management teamwork

Abstract

The paper pertains to “contract management teamwork”. The paper discusses the importance of teamwork in planning and execution of a contract. The paper evaluates requirement of contract management and administration in an organization, as well as, the essentials of contract management. The paper discusses effect of teamwork in management of organizational contract, as well as, the areas that add benefit to the overall contract administration. The paper encompasses of differentiating between individual and team contract management, and concludes with re-statement of thesis.

Contract management teamwork

Introduction

Contract management is a fundamentally important process for the execution of any business. It is defined as “the act of managing contracts that encompass of legal conduct between the organization and stakeholders”. The term of contract management is very fundamental to the survival and success of business. Drafting and settling important contracts lead to successful deals that add to organizational profitability and success. Contract management is a team-oriented effort, since the planning and execution of a contract requires a multifaceted understanding of the subject (Villanova University, 2009).

The paper discusses the importance of teamwork in contract management. It researches how organizational management could lead to successful contractual deals, as well as, effective contract administration. The paper discusses process of formation of different teams, as well as, their functioning with regard to contract management. The paper drafts necessity of teamwork, in terms of, contract management in an organization. It assesses the functioning of different teams and their effectiveness. It states about types of teams that are formulated for different types of contracts, as well as, the reasons of team formation and rationale of teamwork for managing the corporate contracts and describes the distinction between team management of contracts versus individual management of contracts. It encompasses the research from different academic sources to support and validate the ideas presented and discussed in the paper.

Discussion

Contracts and their significance in the workplace

Contracts and contractual relationships are very important, with regard to, managerial perspectives in an organization. The term contract is defined as “a voluntarily tailored legal agreement that binds two or more parties in a legal obligation for a particular time period, assuming circumstances in the contract exists”. They are legally prepared documents that encompass of binding two stake holders from an organization to behave and respond in the particular tactic they have agreed upon.

In terms of business management, contracts possess a fundamental value. They determine the effectiveness of organizational handling and functioning in a particular situation. It comprises of an offer, acceptance of the offer, as well as, the consideration for the offer. Contracts are the pipeline that integrates the relationship between organization and stakeholders of all classes and categories. Contracts provide assurance and certainty while conducting business operations for an organization. Therefore, business operation rely upon contracts and legal bindings, in terms of, their effectiveness and longevity. They play the pioneering part in all types of business relationships (OGC, 2002).

In the world of today, contracts are becoming mandatory for formation and survival of ...