Contracts are present in almost every industry or with every adult individual, where the services or supplies are received or given from or to other organizations or individuals. Contracts govern rights of those who make contracts from deviations or disputes in getting or giving expected outcomes. Having a proper understanding of the contracting process – and how to effectively work within it – is paramount to the success of any contract and its intended reasons.
Contract Management is relatively a new function compared to other fields in the industry though its growth is phenomenal over the years and is poised to evolve into an essential role in commerce. Although contracts are present in some of the actions we perform in business as well as personal levels, at present, the position of Contract Managers and the function of Contract Management are mostly seen in; public agencies, construction companies, property developers, corporations and business entities and the recognition of its vitality in all business sectors is being realized by the business community in growing numbers.
Owing to this growing phenomenon many employers seek to recruit qualified and experienced contract managers or contract administrators into their organizations. Many of such contract managers start as assistant contract administrators, and climb the ladder while acquiring further qualifications in Contract Management through Diplomas or Certificate programs.