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A draft contract is a proposed contract for a property purchase sent by the seller’s solicitor to the buyer’s solicitor, but writings and conditions are yet to be approved. Usually, an attorney reviews the draft contract before it is executed to make sure that all the clauses are with no ambiguity and aligned with the state laws.
A contract is a legal binding agreement and must contain specific essential parts. The first part that must be present is a promise or an offer. Secondly, a minimum of two parties must be available in the creation of a contract. Thirdly, all the parties must be of sound mind and in the right capacity to contract. Fourthly, an exchange relationship must exist with considerations and mutual obligations. Finally, the contract must be enforceable.
An executed contract is a legal binding document that has been signed off by all the involved parties and is active. Additionally, all the parties involved should receive a copy of the executed contract and refer to it when in doubt to make sure they satisfy their end of the bargain entirely.
Debriefing is a vital and integral aspect of procurement management that encompass sending feedback to unsuccessful suppliers. Several strategies can be used in such debriefing. First, a letter thanking all the participants for showing their interest and confirming the outcome of the bidding and tendering process (Lysons and Brian 361). In case the supplier request debriefs, it should be arranged promptly and in a well- structured format. An open platform for questions should be presented to the unsuccessful candidates and honest answers given concerning the tender process and selection criteria used. Moreover, the procurement officer should ask the unsuccessful candidates if they wish their names to be passed to the selected in case of the existence of a subcontracting opportunity.
A final lesson learned file has several benefits to all the parties. In case of the buyer department, it helps to improve the procurement process, improving communication, establishing a fair reputation and enhancing intelligent concerning customer role. On the side of the suppliers, it reshapes their approach for the future bids, offers reassurance on the procurement process and guidance to newcomers on how to improve their chances.
Contract administration process consists of three phases. The first phase is the contract initiation. This stage involves setting the scope, advertisement, documentation, establishment of goals, and funds authorization (Lysons and Brian 381). The next step is the management of the contract. It covers the negotiation part, issuance of notice to proceed, work execution, modifications and payment reports. The final stage is the contract closeout that entails finalizing the contract details such as payment reports and bookkeeping.
The requirement in a contract administration process is a coherent communication channel between all the involved parties to facilitate a faster and open procedure. Additionally, all the concerned members must participate and collaborate during the process. Finally, the process should be consistent and offer a platform for resolution.
The article Enhancing Contract Management by Kevin McGuinness presents some of the best practices in contract management strategies. It advocates for performance delivery management that ensures all the set deliverables are achieved at the right quality and performance level (McGuinness 8). Additionally, relationship management is another vital strategy that presents an open and constructive collaboration between the buyer and seller for early identification of a problem, correction and reducing tension between the involved parties. Finally, the contract administration that should enhance the general governance of the process and administration of necessary changes.
Lysons, Kenneth, and Brian Farrington. Procurement and supply chain management. Pearson Higher Ed, 2016.
McGuinness, Kevin. "Enhancing Contract Management". Summit, 2013, pp. 8-10, Accessed 6 Apr 2018.
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