Overview of the contract management lifecyclc A structured approach - Initiate phase
3 important questions on Overview of the contract management lifecyclc A structured approach - Initiate phase
Where is the initiate phase ment for?
Basics for successful commercial relationship are laid in the initiate phase, the most generic phase, many of its outcomes related to several transactions rather than just one specific transaction.
Ensures that all members of the transaction team understand markets and their interactions with business needs and goals. It is at this point that contract terms, structures, and practices should be with those business and market goals to ensure the overall efficiency and effectiveness of the transaction process.
Ensures that all members of the transaction team understand markets and their interactions with business needs and goals. It is at this point that contract terms, structures, and practices should be with those business and market goals to ensure the overall efficiency and effectiveness of the transaction process.
Which preliminary activities are involved in this initiating phase?
- Understanding markets and industry
- Understanding requirements
- Financial considerations, understanding cost and setting charges
- Aligning risk through financial modelling
- Identifying routes to market
- Preparing Requests for Information (buyer)
What is lost when understanding and alignment among team partners is missing?
The competitive advantage gained through using the right contract for the task.
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