Contract Administration

Contract Administration

The process of contract administration begins upon signature of the contract by both parties. It is a binding agreement between the parties that outlines, in basic terms, the agreements of services that one company has to another and vice versa. The contract state how each party will fulfill their obligations and under what agreed terms they perform the work by.

If administered correctly and drawn up in a way to benefit both parties equally, contract administration and broadly contract management are a very useful tool in the project management process. It forms an integral of any well managed construction project as each party must comply and fulfill the conditions of the contract.

The use of alternative procurement methods requires a quantity surveyor have knowledge in all facets of the contract and in particular the use and application of other types of contracts with the most popular being a lump sum contract for building projects in NSW.

As a building contract is legally binding, a professional is required to carry out the tasks as required under the contract and these are:

Assessment and certification of progress payments

Assessment and certification of variations

Assessing any application for extension of time

Assessing completion and final accounts

 

Auswide Quantity Surveyors can ensure contractual obligations of all parties are met.