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For any project, the contract should have provisions for stopping work before completion. Termination can be for cause or for convenience: The buyer may terminate a contract for cause if the seller breaches the contract (eg. does not perform). The buyer can terminate the contract because they no longer want the work done. Termination automatically puts the project into closing process group. Read Full Story
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The major activities for Contract Closure include: Creating and delivering legal documents such as release of lien documents and formal acceptance letter. Project Archives for Contract File including: - Contract - Changes - Submittals from the seller - Seller Performance Reports - Financial information - Inspection results - Lesson Learned Read Full Story
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A procurement audit is: a formal evaluation of both supplier's performance of the contract, as well as the effectiveness of the procurement process itself. to establish a record that may be used to shape procurement practices in other contracts for this project or for other projects. Read Full Story
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Contract Closure as defined in PMP means: Is the process of ensuring that contract obligations have been met on both sides and resolving any outstanding issues. Involves verifying that work was done and delivered as specified, updating contract records accordingly and arrange for final settlement of contract obligations. Read Full Story
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Sorry I was a bit late to this but if you are interested to know what is in the latest change, please find the information from PMI website below: http://www.pmi.org/Certification/Project-Management-Professional-PMP/Updates-to-PMP-Certification-Exam.aspx Read Full Story
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According to PMI, the 5th edition of the PMBOK is underway: http://www.pmi.org/PMBOK-Guide-and-Standards.aspx So far, we have not been given much information on what will be the change and what will be included in the latest exam. If anyone who has such information, please share with all of us in this site. Read Full Story
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What is a Contract Change Request? is any requested change to a contract terms. involve changes to scope, cost, delivery data or quality of goods or services. Read Full Story
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Contract Administration is the process of managing the relationship with the seller. The role of a contract administrator is: the compliance officer for the contract is responsible for ensuring that the terms and conditions of the contract are met and that the product is fit for use Read Full Story
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Weighting System: ensure that the best seller is awarded the contract. assigned to the values of the proposals and each proposal is scored. The seller with the highest score is awarded the contract. Read Full Story
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Steps in Contract Negotiation: Introduction All parties become acquainted and the overall attitude of the negotiation is established; this tone is largely set by the buyer's team leader and the person with authority to sign the contract will lead the contract negotiation team. Probing Each side attempts to learn about the other's real position. Bargaining Give-and-take discussions take place to arrive at the best possible agreement to all. Closure The tentative agreement is revised and... Read Full Story
