A NEW REVOLUTION IN CONTRACTS MANAGEMENT
As per research report of International Association for Contract and Commercial Management stating that the organizations lose 9.2% revenue loss every year on account of poor contracts management.
On execution of the contract, there will be several challenges, several new things which may arrive at the time of execution of your contract. These challenges are to be addressed appropriately on day to day basis as per the terms and conditions of your contract by developing appropriate documentation with substantial evidence. Generally, parties focus on addressing the challenges or new things amicably but they may miss the resolution of such challenges as per contract terms and conditions and develop appropriate documentation. At the later stage terms and conditions of the contract only plays a vital role. There is every chance that at the later stage these challenges may led to unnecessary discussions, continuation of the contract period or sometimes losses in your contract.
Let us examine the challenges in the contract clauses and how it can be managed:
- Project Schedule: Project Schedule to be prepared in micro level and the same to be agreed by the parties. If there is a change in dates in the project schedule, every day either party should inform other party about such changes in the project schedule and also inform the consequences for such changes as those changes may impact the completion of the project and increase in contract value.
- Force Majeure Events: On the occurrence of any force majeure events, either party to inform the other party in writing as mentioned in the force majeure clause and also to inform in detail about the consequences of such occurrence.
- Change in scope of work: Generally, parties focus on addressing the challenges or new things amicably but they may miss the resolution of such challenges as per contract terms and conditions, develop appropriate documentation and substantial evidence. At the later stage, the terms and conditions of the contract only play a vital role and there is every chance that these challenges may lead to unnecessary discussions, the continuation of your contract period or sometimes losses in your contract.
- Project execution after scheduled completion date: Generally, most of the projects continue to go on execution after the scheduled project completion date. In that scenario, parties should arrive at a mutual consent in writing about the costs and time impact.
WHAT JUSTACONTRACT.COM DOES IN POST CONTRACTS MANAGEMENT SUPPORT?
- We at JUSTACONTRACT.COM review your contract carefully and highlight the necessary actions as per the timelines that are mentioned in your contract.
- We interact with your Team and assess the progress on the real execution of the project, recognize the challenges that are being faced by your Team and enlighten you on the contract clauses.
- We support you for drafting the appropriate correspondence for delays, unforeseen events and also support you for resolving the issues in the projects as per your contract by generating correspondence as per your contract terms and conditions.
- If there is an extra cost incurring in your project, we support you to generate correspondence with supporting documents as per your contract clauses.
- If required, we will support you in preparing and submitting the claims and extension of time letters.
- On submission of the claims, we support you in following up on the claims and extension of time requests.
- We also participate in the claim settlement meetings and provide necessarysupport in resolving the claims amicably.
- If the claim settlement is unfruitful, we provide support in invoking dispute and support you in Arbitration or in any litigation as required.
- Every contract has a unique DNA and hence, no solution can be a standard solution. JUSTACONTRACT.COM believes that the only way to manage contracts effectively is enabling businesses or people to understand the criticality and walk through the entire lifecycle to make contracts work for you. And we like to pride ourselves as being the enablers to walk that path with you.
- JUSTACONTRACT.COM is always at your service by providing necessary support in Post Contracts Management services.
YOUR SUCCESS IS OUR PASSION!