It is easy to overlook the importance of contract management because it seems to be a boring, mundane topic. Contracts, however, are the basis of most business relationships. If contracts are managed well, business relationship will flourish. If they are not, companies face financial loss, relationship harm, and damaged reputations.
Research has consistently demonstrated that when clear goals are associated with learning, it occurs more easily and rapidly. With that in mind, let’s review our goals for today.
Key concepts covered include:
• Identify contract elements
• Understand ethical contract management
• Calculate value
• Negotiate contracts
• Create basic amendments