Managing phase is the fifth & final step in the contract lifecycle where Initiating, bidding, Development & Negotiating phases are the four preceding phases.

Once an agreement has been formally reached in the procurement process, Contract Managers become the primary interface with vendors or customers to ensure that the products and services are delivered in accordance with the project requirements, specifications, scope of work, and other terms and conditions on the agreement.  Engineering, Logistics, Financial and Administrative tasks are involved during the execution process, and several indicators must be monitored to evaluate the ongoing health of the relationship.  Among many methods available for monitoring the process, it may be ideal for Contract Managers to utilize the Performance Managementprocesses available in the company’s Vendor or Customer Relationship Management models.

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