| 1 |
Estimation & Planning |
Thorough assessment of risks and potential issues |
Lack of comprehensive risk analysis and planning |
| Proactive development of mitigation strategies and contingency plans |
Reactive approach to addressing problems |
| 2 |
Negotiation & Contract Drafting |
Skilled negotiation to achieve equitable and balanced terms |
Weaker negotiation skills leading to lopsided contract terms |
| Detailed contract language that covers various scenarios |
Contract language may be ambiguous or incomplete |
| 3 |
Contract Signing |
Ensure all stakeholders are fully aligned on contract requirements and obligations |
Potential misalignment between parties on contract expectations |
| Establish clear communication channels and reporting processes |
Lack of defined communication and coordination mechanisms |
| 4 |
Contract Execution & Monitoring |
Diligent oversight and continuous monitoring of contract performance |
Unclear ownership and responsibility for contract management |
| Proactive identification and resolution of issues or risks |
Reactive approach to addressing problems as they arise |
| 5 |
Subcontracting & Procurement |
Rigorous selection and management of subcontractors and suppliers |
Inadequate vetting and management of subcontractors and suppliers |
| Effective coordination and oversight of the subcontracting and procurement processes |
Lack of visibility and control over the subcontracting and procurement activities |
| Proactive management of subcontractor and supplier performance |
Increased risk of subcontractor or supplier performance issues |
| 5 |
Correspondence & Change Management |
Effective communication and coordination between all parties |
Breakdowns in communication and information sharing |
| Timely resolution of disputes or changes in a fair manner |
Challenges in managing contract changes and updates |
| 6 |
Contract Close-Out |
Optimization of contract outcomes and value for all stakeholders |
Reduced value and outcomes for at least one party involved |
| Reduced likelihood of cost overruns, delays, or other problems |
Increased potential for legal issues and contract breaches |
