The Project Management Processes Most of the time spent in contract management consist of following the due diligence process required to en sure the project obtains the goods and services under the req uired specifications. This is a process of...
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The Project Management Processes Most of the time spent in contract management consist of following the due diligence process required to en sure the project obtains the goods and services under the req uired specifications. This is a process of systematically evaluating vendor in formation, to identif y risks and issues relating to the proposed tran saction and then select the offers that meet the requirements of the solicitation. Monitoring the plan involves mana ging the relationship with the supplier, monitoring contrac t performance, ensuring payments are made on time and goods and services are delivered under specifications. When all contract ob ligations have been achieved (or when they have not) the project w ill close the contract which includes the completion and settlement of th e contract, resolution of open issues, final verifi cation, formal a cceptance and, if required by the donor, a contract audit. Contract management will not only identify all the goods and services t
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