What is Contract Administration ?
Contract Administration is the management of the activities involved with the oversight of contracts, such as
(1) The invitation to bid,
What is an invitation to bid ?
The invitation to bid is an Oral or written invitation to prospective suppliers to submit a bid on materials or services. Also known as ITB an invitation to bid is only a solicitation, and does not qualify as an offer because the party making it does not wish to enter into a binding agreement without further negotiations.
(2) The bid evaluation,
What is bid evaluation ?
Bid evaluation is the next step After the submission deadline, the process of opening, examining, and evaluating the bids to determine the bidders’ responsibility, responsiveness, and other factors associated with selection of a bid for contract award.
(3) The award of contract,
(4) contract implementation,
(5) measurement of work completed, and
(6) computation of payments.
It also includes monitoring contract relationship, addressing related problems, incorporating necessary changes or modifications in the contract, ensuring both parties meet or exceed each other’s expectations, and actively interacting with the contractor to achieve the contract’s objective(s). Also called contract administration.
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