Your time is almost running out. The other end is ready to deliver their contract agreement. How are you able to forge the goodwill, guarantee easy and victorious implementation and an operative working relationship in a long term? By having a contract management plan of course!
Contract management plan makes contract management an easy peasy. While everyone loves a well-written contract, sadly, they can be heavy when it comes to managing day-to-day activities.
Both useful and practical, a contract management plant is more than just a synopsis of the contract. It is a working file that pulls together all the functional details you require to run your contract easily and effectively, such as key contacts, performance measures, delivery dates, and critical milestones etc.
A complete content management plan guarantees that everyone understands and agrees on:
- Who will perform it
- What are the measures that needed to be implemented
- When and how the implementations should be in action
Best practice additions
Now that you’ve learned the goal of the content management plan, you can modify it to befit the risk/value profile of the contract.
Your content management plan works a crucial role in easier contract delivery, implementation, and supervision. Having all the data in one file makes it easy to share your plan with sponsors and internal stakeholders and agree what will replace and why.
A best practice content management plan simply specifies the services and the goods being bought and also involves:
- Contact information for key roles
- Roles and responsibilities
- Critical delivery dates
- How performance will be monitored
- Risks and issues that need to be managed
- Details that were agreed during negotiation
- Governance that must be observed
- Expected savings and benefits that should be delivered