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Fidic Contract Management For The Betterment Of Contract Execution
The FIDIC is actually known as International Federation of Consulting Engineers. It is the internationally acclaimed organization for consulting engineering and construction.
On the whole, the FIDIC houses a wide range of contracts. Let’s go through the common feature of FIDIC.
Mainly FIDIC is divided into two parts. The part one is on the general conditions, general terms of the contract, right, and obligations of each and every party, payment procedure, verification, dispute resolution.
Whereas part two furnishes the condition of particular applications along with the guidelines for the preparation of several clauses. It also includes factors like the language of the contract, choice of the law and many more.
The FIDIC contract management form houses a default order for the documents forming the contract. They are as follows:
The contract agreement
The letter of acceptance
The letter of tender
The conditions of a particular application
General conditions of the contract
The specification and drawing
The employer’s requirements and the schedules
The FIDIC contracts contain a set of guidelines for the preparation of specific conditions. Following all the guidelines only there will be a successful implementation of any project.
The contract management is about managing contracts done with vendors, customers and with your employees. In contract management, you have to manage all the contracts effectively and negotiate all the terms and conditions in the contract and document all the amendments during the course of the contract.
It is a systematic procedure to manage the creation and execution of any contract along with effective financial and operating performance.
Usually, the contract management and contract administration share lots of similarities but they have some technical similarities. In contract administration, you have to focus on and planning on the implementation of the contracts. You also have to source potential contracting partners.
The contract administration also involves in contract arrangement, working with the negotiation process with probable partners as well regarding cost, performance, and timely completion.
For the initiation of any contract, the first and foremost thing is contract drafting. It is known as the first stage of contract lifecycle. It offers the base on which the rest of the contract can be made. For proper contract drafting, you do need clarity and accuracy.
On the other hand, a well-drafted contract can assist in making a strong base of any sort of legal protection. While drafting a contract you have to write it with a clear language which both parties can have a clear idea. It should furnish the type of work and what both parties are assenting to perform.
You have to add simple and straightforward terms and there should be an option of confidentiality for each party. Your contract should follow the federal and state laws and there should be a well-defined idea on the closure of the contract.
Taking GEM Engserv into account for your contracting solution can be quite beneficial. This Navi Mumbai based company adheres Indian Contract Act 1872, India Arbitration & Reconciliation Act 1996 as well as FIDIC. So for better understanding about its services you can go through its website http://www.gemengserv.com/all_service?Contracts-Management
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