What is Contract Management?

Contract management is a profession that includes many positions within the federal government, industry, commercial businesses, academia, and more. Contracts are created between buyers and sellers.  There are contract managers on both sides of the table. Below is a brief overview of the contract management process our profession manages.


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Government customer identifies a need for a good or service. 

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Industry submits a proposal.

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Government selects the best proposal.

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Contract executed and closed out.




Definition 


“Contract management” as an activity is the process of managing contracts, deliverables, deadlines, and contract terms and conditions while ensuring customer satisfaction. Public agencies and private companies know that the purchasing process does not end when the contract is awarded.

Effective post-award contract management is essential to the seamless acceptance of supplies and services. Contract management impacts many areas within an organization and can significantly influence its budget, operations, customer service, and public image.



Video Explanation



What do contract management professionals do?

The contract management (CM) profession is diverse with professionals performing an array of tasks. People master numerous technical and interpersonal skills, serve in multiple roles, and hold one of many possible titles. While specific duties and skills are numerous and explained in the Contract Management Body of Knowledge, here are the very basics:
 

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Write, analyze, and respond to proposals.



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Negotiate price, terms, and conditions.



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Manage the contract and solve problems as they arise.