Making Contracts Work

Date: 06/10/2010

Good contract management is now recognised as a key competency - it can affect your whole business

Contract management is emerging as one of the major skills required if a business is to succeed -- with more specialisation and outsourcing these days, planning, creating and managing contracts is becoming ever more important. Beverley Honig, of Honeylight Enterprises, is an expert in the field. Her new book, "Making Contracts Work", sets out useful guidelines for every stage of the process: planning, procurement, management and review. She recommends the KISM principle: Keep It Simple and Meaningful. Up to 70 percent of a company's costs are now related to contracts or contractual arrangements, so it's an area that demands care and good management. She also covers the management of overseas contracts, which have their own special requirements, including cultural sensitivity, agreed performance markers and an understanding of the expectations of both sides.