What is a Procurement Contract?
3-16-2016 | by Emily Sanders
A procurement contract is an agreement wherein a buyer agrees to obtain either services or goods from a seller and receive consideration in return. Such contracts may include business provisions, detailed cost charts, payment information and any additional legal terms or conditions that are applicable to the agreement.
Prior to entering into a procurement contract, it is typical for a company to issue a project proposal request. These proposals present the issue or need at hand and bidders may respond with an outline detailing their qualifications, objectives, price lists, expected timeline, etc..After the proposals have been reviewed and prove to meet the proposal requirements, a buyer will enter into a procurement contract with the bidder of their choice.
The best way for a contractor and a customer to enter into a productive and mutually effective contract is to request and abide by a proposal. The proposals allow the contractor to understand the program manager’s expectations and goals for the project. A clear understanding of the problem at hand enables the contractor to outline and establish goals for a specific schedule, cost, performance expectations and benefits to the customer. A contractor that has the ability to review the request for a proposal and return with an outline that directly addresses the need at hand and their agenda to resolve it will be the most beneficial and efficacious party to enter into an agreement with Concord Worldwide Inc.
Enjoy easy and safe contract administration of procurement contracts with Concord’s online contract management system. Concord has developed an online platform allowing contractors and customers to safely engage in the contract process from start to finish. Both buyer and seller have the ability to enter into contract discussion and online document editing on Concord’s site. E-negotiation has made it quicker and easier for parties to collaborate on agreements and reach reciprocal understanding of expectations.
As procurement agreements address a myriad of conditions and policies, Concord’s upgraded system makes it easy to implement custom roles and advanced administrative oversight of the contract. Important contract information like cost and timeline can be centrally reviewed within the summary of conditions and agreements. Concord is careful to provide notifications of contract and timeline updates to all parties involved. The intuitive user interface allows contracts to be created and developed in a short period of time and to undergo contract revision by the administrative contract creator.
Online negotiation has made the contract lifecycle more interactive and accessible. Concord has optimized online contract management to provide users with the safest and most successful platform to develop and maintain those contracts.