Project Management Knowledge

Contract Administration

The phrase contract administration refers specifically to the process in which an already developed and initiated contract is managed and/oradministered. A large part of this management process deals with following the progress of the seller in relation to the predeterminedmilestones in within the contract, determining if the seller is on schedule, and if not, addressing the issue via either expedition or amodification of the contract if that flexibility exists. Additionally, contract administration speaks to the maintenance of a sellers bigpicture relationship with a buyer, not necessarily in regards to the specifics of a single product, deliverable, or even project, but oftenin more of an overview, in which the general dealings with a seller in regards to their contracted terms is examined and, in some cases, modified, to best serve future dealings with this seller. Lastly, contract administration can refer to managing the direct relationshipbetween the buyer and the seller.’

This term is defined in the 3rd edition of the PMBOK but not in the 4th.

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