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Contract Management Must-Knows For Project Managers

July 27th, 2013 No comments

Contract management constitutes a major component of a project procurement system. Most work done nowadays on projects involves dealing with contracts or has a contractual nature. Although some companies have purchasing departments that specialize in procurement, one of the basic knowledge and skills of a project manager is to be able to read and manage contracts. This post basically discusses the project manager role in procurement, the different types of contracts, their pros and cons, and how contracts control the intentions and expectations of customers and partners. There are six steps that make up procurement management: