Preparing a contract administration plan Essay Example | Topics and Well Written Essays - 500 words

Preparing a contract administration plan - Essay Example The company adopts contract administration plan. This plan, as implemented by the company includes a series of measures undertaken to ensure that contracts execution are monitored for effective performance. One of the approaches adopted by the company towards contract administration is a well established â€Å"contract management system,† a system that records information about contracts for effective management. In order to maximize its capacity to manage data on processes and transactions, the organization applies a combination of data base applications that include â€Å"Access, FoxPro and SQL† (Harmon and Stephan, 2001, P. 2). The three systems have historically been incorporated into the organizational management to ensure continuity and familiarity in management processes. The organization has also implemented contract administration plan through ‘well-managed’ schedules. Adoption of electronic approach by the company has particularly facilitated an efficient contract management plan. Through this approach, the company ensures predefined and planned undertakings in executing contracts. The management schedule has also facilitated proper administration of processes that are undertaken in pursuing contracts. Similarly, the organization uses schedule management to identify anomalies in time plans and to initiate corrective measures. Monitoring and evaluation of proposed schedules and a comparison with the actual schedule has also been a critical tool for the company towards administration of contract plans (Harmon and Stephan, 2001) Proficiency in managing financial accounts and obligations in deliverables is another approach that the company applies towards administration of contract plan. By tracking consideration in agreements, the company avoids litigations for failure to meet its obligations in time. It has also helped the company to monitor and