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Contract Management Best Practices and Dangers

 

Learn the importance of contract management and how to implement an effective, organized system for your business.

This topic will focus on the importance of establishing clear expectations for the service provider and the customer to ensure that both parties meet their contractual obligations. Every hour there are numerous contracts entered into by companies. While a tremendous amount of effort is put into the organization of such an agreement, we often see disagreements at the end of a contract due to different expectations. These expectations were never clearly articulated in a contract document that should have been a win-win for both parties. Our effort today will be to look at the key terms in successful contract documents and steps both parties need to take to assure the outcome of the project meets the expectations of both parties. This course will review all of the above in two separate case studies that show the dangers of improper contract management and the benefits of excellent contract management.

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Contract Management Best Practices and Dangers

Agenda

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Contract Management Best Practices and Dangers

Faculty

Theran J. Welsh, CPA

Theran J. Welsh, CPA

SVA Certified Public Accountants

  • Partner with the SVA Certified Public Accountants group since 2005
  • Sole focus is on helping contractors create shareholder value, understand their cost structure to properly bid and win profitable work and assure their tax structure is a model that supports a sustainable organization
  • Thorough understanding of the contractor client’s acceptance of risk as most contractors do not go out of business on one job, usually it is a combination of trying to do too much with too little resources and being too impatient to take the time upfront in negotiating a contract and reducing risk integral to contract management
  • Experience can help financial executives of companies focused on executing demanding projects, deliver them on time, consistent with the contract they entered into with the customer to achieve a win-win solution for both parties
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Contract Management Best Practices and Dangers

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