In the event circumstance change, it may be possible to modify a contract management plan with the agreement of all parties. The person who manages the contract budget must know what documentation accompanies every invoice, how you are paid and when you are paid.
Assign responsibilities for each deliverable to internal personnel or identify temporary help and external experts you need to meet contract schedules. Take note of milestones that affect the production or submission of any deliverables, and put them into the contract calendar.
The person responsible for financial administration also needs to reconcile projected expenses against actual expenses and extract your billable contract expenses. When you list the contract deliverables, make note of specific standards for acceptance and allowances for substitutions.
It is also used to Work Plan Create a work plan that allocates the personnel and financial resources required to meet the terms of the contract. Deliverables Read your contract thoroughly and create checklists for all contract deliverables.
During contract negotiations, one party offers to complete specific actions in consideration for payments from the other party or parties. Essential Elements This section discusses a few key elements essential to effective contract administration.
The CAP document is a tool developed in the pre-award stage of contract management to aid in contract administration and ensure that all activities are carried out effectively.