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Learning Team D Weekly Reflection Week 3
University of Phoenix
Gerard Lacson, Francisco Martinez, Andy Poplin, Badaruddin Safiullah
02 July 2012
Learning Team D Weekly Reflection
The contract administration plan is intended to ensure that the company meets the terms of the contracts in all respects. The plan is a tool that will monitor the company’s progress, achievement of milestones, performance, and ultimately adherence to the contract terms. The internet search also resulted in noting that a good business practice is for the company to create a checklist that outlines the contract’s deliverables, to create a schedule with contract deadlines, to have a designated person in charge of managing and adhering to the budget, to create a work plan that allocates responsibilities to different team members, and to address the potential risks that could keep the company from meeting the contract requirements.
A good company should strive to create and keep a good contract administration plan. If the plan is managed and executed successfully, it will lead the company to meet the contract terms and conditions and will lead to satisfied customers. The second-order effect of satisfied customers is having a good reputation as a company that can perform as promised and on schedule. On the other hand, if the company does not create or execute a proper contract administration plan, then it risks being sued for breach of contract. If the company is unable to adhere to the set deadlines, it will require man hours to renegotiate the terms of the contract.
A contract which is a binding agreement between two parties or more can be fulfilled using a contract administration plan which helps any business manage a contract successfully and provides a tool for monitoring your company’s performance and adherence to the contract terms. The development of a contract administration plan is very vital for a company's business in order to successfully...