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BWC Consultants employ a team of highly experienced construction industry professionals that provide clear and concise information related to Contract Administration.
The Contracts we use to protect our clients range from JCT contracts, through to custom made contracts. Contract Administration is the key element in any successful project. Failure in providing the correct contract document at the start of a project could result in not having the legal protection that may be required. When choosing the best Contract for Clients, BWC Consultants first needs to review all elements of the procurement process and the specification of the project to identify the risks that our Clients’ may encounter. Through this methodological approach, we aim to mitigate potential risks and secure a robust law fortification for our Clients’.
Contract Administration also requires vast experience in progress reporting and correctly authorising variations (alternatively known as “additional works”) and valuations (commonly known as “valuation of completed works”). As Quantity Surveyors, variations and valuations are essentially our main focus of the business. As such, each valuation is carefully reviewed, and all correctly quantified.
What is Contract Administration?
Contract administration refers to the management and oversight of a contract throughout its lifecycle, from its inception to its completion.
It involves ensuring that both parties comply with the terms and conditions of the contract and that all obligations are met.
This includes monitoring performance, verifying compliance with specifications, managing changes, and resolving disputes.
What is the importance of having Contract Administration?
Contract administration is important for several reasons:
- Ensures compliance with the contract terms: Contract administration ensures that both parties comply with the terms and conditions of the contract. This helps to prevent disputes and reduces the risk of legal action.
- Protects against risk: Contract administration helps to identify and mitigate risks associated with the contract, such as potential delays, cost overruns, or performance issues. This helps to protect the interests of both parties and reduce the risk of financial losses.
- Enhances communication and collaboration: Contract administration promotes communication and collaboration between the parties involved in the contract. This helps to ensure that everyone is working towards the same goals and objectives and that any issues are identified and addressed in a timely manner.
- Improves project performance: Effective contract administration can help to improve project performance by ensuring that the project is delivered on time, within budget, and to the required quality standards. This can help to enhance the reputation of both parties and increase their chances of securing future business opportunities.
- Facilitates contract closeout: Contract administration helps to ensure that all obligations under the contract are met and that the project is successfully completed. This helps to facilitate a smooth contract closeout process and ensures that both parties are satisfied with the outcome.
Overall, contract administration is essential for ensuring that contracts are managed effectively and that both parties achieve their objectives. Moreover, it helps to promote fairness, transparency, and accountability in the construction sector.