Contract management in construction refers to the process of creating, negotiating, reviewing, and managing agreements between Clients, Contractors, and other parties involved in a construction project. Effective contract management is essential for ensuring that all stakeholders are compliant with the terms of the contract, payments are made on time, and any disputes are resolved as quickly and efficiently as possible.
Our key principles and aspects of contract management include:
- Contract creation: This involves creating contracts for designers, contractors and suppliers, defining the terms and conditions of the agreement, the rights of both parties, the amount to be paid, and the terms of commencement of work
- Contract negotiation: This involves negotiating the terms of the contract with all parties involved, ensuring that all parties are satisfied with the terms and conditions.
- Contract review: This involves reviewing the contract documents to ensure that they meet the Owner’s requirements and specifications.
- Contract administration: Involves managing contracts with contractors, subcontractors, suppliers and other stakeholders, ensuring that they comply with the terms of the contract and that the project is delivered as planned.
- Risk management: This involves identifying and managing risks that could impact the project, including safety/security risks, financial risks, operational risks, and legal risks.
- Communication and coordination: This involves establishing effective communication channels between all project counterparties and stakeholders, including the project Owner, designers, contractors and suppliers, to ensure that everyone is informed and that the project stays on track.
Effective contract management in construction is essential for ensuring that the project is completed on time, within budget, and to the required quality standards. This helps protect the rights of all parties involved and ensures insightful reporting. Additionally, having a strong contract management system can lead to improved communication, more accurate budgeting, and more efficient project delivery.
EK Innovative Engineering’s core contract management services include contract advice, procurement, project reimbursement, claims, adjudications, arbitration, dispute management, dispute resolution and expert witness services. Early participation allows us to have the greatest impact on problems and expands our ability to resolve them, improving the situation of our Clients.
Also, our consultants provide independent, reliable and evidence-based advice that help solve problems faced by Clients on projects. Our experience ranges from small packages of work, single building projects to large claims, judgments and arbitrations. Our services are Client-focused and based on a deep understanding and knowledge of the conditions we operate.
To find out more, please contact us at info@ek-innovative.com to receive information from experts competent in the respective field.