Whats the contracts procedure?

Question

Accepted Answer

The contracts procedure outlines the steps and guidelines for creating, negotiating, and managing contracts.

The procedure typically starts with identifying the need for a contract and determining the scope and requirements.
Next, the contract is drafted, including terms and conditions, deliverables, and payment terms.
The draft contract is then reviewed and approved by relevant stakeholders, such as legal and finance departments.
Negotiations may take place with the other party to ensure both parties' interests are met.
Once the contract is finalized, it is signed by authorized representatives of both parties.
After signing, the contract is implemented and monitored to ensure compliance with its terms.
If any issues or disputes arise during the contract period, they are addressed through appropriate procedures, such as dispute resolution or contract amendments.
Finally, when the contract expires or is terminated, a closeout process is followed to assess performance, settle any outstanding obligations, and archive relevant documents.

Accepted Answer

Follow SOP and get quotes as per our requirements and compare, follow negotiations, proceed for management approvals, then PO etc.

Top HR questions asked in Peninsula Land Contracts and Procurement Manager