Appraisal of Contract Administration Protocols for Successful Project Undertakings

Yehualashet Getahun Ayele

doi:doi:10.11648/j.ijfbr.20200606.11

| Peer-Reviewed

Appraisal of Contract Administration Protocols for Successful Project Undertakings

Yehualashet Getahun Ayele

Published in International Journal of Finance and Banking Research (Volume 6, Issue 6)

Received: 1 August 2020 Accepted: 14 October 2020 Published: 4 December 2020

Views: Downloads:

Download PDF

Share This Article

Twitter
Linked In
Facebook

Abstract

This study is intended to fill a gap in the literature on contract administration protocols. Since no organization is self-reliant, often the acquisition of sought after resources and efforts from external sources come true through contractual agreements of some form. Thus, in a project environment, there are array of contracts which are perceived as important instruments that direct and govern every project move. This, as a result, demands well-established contract administration protocols. Contract administration is a collaborative effort to accomplish clearly stipulated contract objectives. Since coordination and teamwork are extensively thought to be important contributors to success, the importance of having well-developed contractual agreements among contracting parties and good contract administration protocol is indisputable. For change trends in the business environment show that the contractual relationships between parties to a contract are likely to become more multifaceted in the future, everything possible should be done to minimise the number of disputes and the impact they may have on the performance of projects. For this effect, the parties to a contract should have better appreciation of contract conditions and their interpretations. Besides, the data analysis of this research revealed that ‘Statement of work’, ‘Work schedule’, and ‘Performance reporting’ are the top three most important considerations to be deliberated while constructing good contract content. It also disclosed that effective contract administration can be realised only if both parties to the contract observe the terms and conditions of the contract and adhere to their rights and obligations, as appropriate. In addition, contract administration practices can be enhanced if both parties demonstrate a reasonable level of flexibility accompanied by the willingness and the ability to adapt the contract terms to reflect changing circumstances. Likewise, systematic and efficient planning, execution, monitoring, and evaluation activities boost contract administration protocols. Most importantly, ‘adequate planning and explicit specifications’ followed by ‘good governance and clarity of responsibilities’ were nominated by quite significant of the respondents as demonstrated or tested strategies for enhanced contract administration protocol. On the other hand, this research also uncovered that contract administration can be used as an imperative tool to mitigate fraud and corruption. Likewise, the study discovered evidences for the existence of proven strategies that enable to manage contractual disputes effectively and efficiently. Finally, after extensive analysis of the data, operational techniques of using contract administration as a tool for successful project undertakings have emerged as the most attention worthy finding of this study.

Published in	International Journal of Finance and Banking Research (Volume 6, Issue 6)
DOI	10.11648/j.ijfbr.20200606.11
Page(s)	102-110
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2020. Published by Science Publishing Group

Keywords

Contract, Contract Administration, Contract Administrator, Dispute, Dispute Resolution

References

[1]	Barratt M. and Rosdahl K.: Exploring Business-to-Business Marketsites, European Journal of Purchasing & Supply Management 8 (2) 111-122, 2002.
[2]	Benton, W. C., Linda McHenry (2010). Construction Purchasing & Supply Chain Management, the McGraw-Hill Companies.
[3]	Cary Cohen, Effective Contract Administration: The Complete Handbook and Guide, 1997.
[4]	Cattani, G., Ferriani, S., Frederiksen, L. and Florian, T. (2011) Project-Based Organizing and Strategic Management, Advances in Strategic Management, Vol 28, Emerald, ISBN 1780521936.
[5]	Cleland, David I. 2004. Field Guide to Project Management. 2^nd ed. John Wiley & Sons, Inc.
[6]	F. L. Harrison, Dennis Lock (2004). Advanced project management: a structured approach. Gower Publishing, Ltd., 2004. ISBN 0-566-07822-8.
[7]	James P. Lewis (2000). The project manager's desk reference: a comprehensive guide to project planning, scheduling, evaluation, and systems.
[8]	Joseph Phillips (2003). PMP Project Management Professional Study Guide. McGraw-Hill Professional, 2003. ISBN 0-07-223062-2.
[9]	Meredith, J. and Mantel, S. J. 2010. Project Management: A Managerial Approach. 7^th ed. John Wiley & Sons, Inc.
[10]	Paul A. Swegle, Contract Drafting and Negotiation for Entrepreneurs and Business Professionals, 2018.
[11]	Paul C. Dinsmore et al (2005) The right projects done right! John Wiley and Sons, 2005. ISBN 0-7879-7113-8.
[12]	PMI (2010). A Guide to the Project Management Body of Knowledge.
[13]	Sunny and Baker, Kim. (2000). Project Management, 2nd ed. USA. Pearson Education, Inc.
[14]	Telgen J.: Public Procurement Goes Electronic, Brussels, European Public Procurement Group, 2001.
[15]	W. Hughes, R. Champion, J. Murdoch, “Construction Contracts: Law and Management”, 2015.

Cite This Article

Plain Text BibTeX RIS

APA Style

Yehualashet Getahun Ayele. (2020). Appraisal of Contract Administration Protocols for Successful Project Undertakings. International Journal of Finance and Banking Research, 6(6), 102-110. https://doi.org/10.11648/j.ijfbr.20200606.11

Copy | Download

ACS Style

Yehualashet Getahun Ayele. Appraisal of Contract Administration Protocols for Successful Project Undertakings. Int. J. Finance Bank. Res. 2020, 6(6), 102-110. doi: 10.11648/j.ijfbr.20200606.11

Copy | Download

AMA Style

Yehualashet Getahun Ayele. Appraisal of Contract Administration Protocols for Successful Project Undertakings. Int J Finance Bank Res. 2020;6(6):102-110. doi: 10.11648/j.ijfbr.20200606.11

Copy | Download

@article{10.11648/j.ijfbr.20200606.11,
  author = {Yehualashet Getahun Ayele},
  title = {Appraisal of Contract Administration Protocols for Successful Project Undertakings},
  journal = {International Journal of Finance and Banking Research},
  volume = {6},
  number = {6},
  pages = {102-110},
  doi = {10.11648/j.ijfbr.20200606.11},
  url = {https://doi.org/10.11648/j.ijfbr.20200606.11},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ijfbr.20200606.11},
  abstract = {This study is intended to fill a gap in the literature on contract administration protocols. Since no organization is self-reliant, often the acquisition of sought after resources and efforts from external sources come true through contractual agreements of some form. Thus, in a project environment, there are array of contracts which are perceived as important instruments that direct and govern every project move. This, as a result, demands well-established contract administration protocols. Contract administration is a collaborative effort to accomplish clearly stipulated contract objectives. Since coordination and teamwork are extensively thought to be important contributors to success, the importance of having well-developed contractual agreements among contracting parties and good contract administration protocol is indisputable. For change trends in the business environment show that the contractual relationships between parties to a contract are likely to become more multifaceted in the future, everything possible should be done to minimise the number of disputes and the impact they may have on the performance of projects. For this effect, the parties to a contract should have better appreciation of contract conditions and their interpretations. Besides, the data analysis of this research revealed that ‘Statement of work’, ‘Work schedule’, and ‘Performance reporting’ are the top three most important considerations to be deliberated while constructing good contract content. It also disclosed that effective contract administration can be realised only if both parties to the contract observe the terms and conditions of the contract and adhere to their rights and obligations, as appropriate. In addition, contract administration practices can be enhanced if both parties demonstrate a reasonable level of flexibility accompanied by the willingness and the ability to adapt the contract terms to reflect changing circumstances. Likewise, systematic and efficient planning, execution, monitoring, and evaluation activities boost contract administration protocols. Most importantly, ‘adequate planning and explicit specifications’ followed by ‘good governance and clarity of responsibilities’ were nominated by quite significant of the respondents as demonstrated or tested strategies for enhanced contract administration protocol. On the other hand, this research also uncovered that contract administration can be used as an imperative tool to mitigate fraud and corruption. Likewise, the study discovered evidences for the existence of proven strategies that enable to manage contractual disputes effectively and efficiently. Finally, after extensive analysis of the data, operational techniques of using contract administration as a tool for successful project undertakings have emerged as the most attention worthy finding of this study.},
 year = {2020}
}

Copy | Download

TY  - JOUR
T1  - Appraisal of Contract Administration Protocols for Successful Project Undertakings
AU  - Yehualashet Getahun Ayele
Y1  - 2020/12/04
PY  - 2020
N1  - https://doi.org/10.11648/j.ijfbr.20200606.11
DO  - 10.11648/j.ijfbr.20200606.11
T2  - International Journal of Finance and Banking Research
JF  - International Journal of Finance and Banking Research
JO  - International Journal of Finance and Banking Research
SP  - 102
EP  - 110
PB  - Science Publishing Group
SN  - 2472-2278
UR  - https://doi.org/10.11648/j.ijfbr.20200606.11
AB  - This study is intended to fill a gap in the literature on contract administration protocols. Since no organization is self-reliant, often the acquisition of sought after resources and efforts from external sources come true through contractual agreements of some form. Thus, in a project environment, there are array of contracts which are perceived as important instruments that direct and govern every project move. This, as a result, demands well-established contract administration protocols. Contract administration is a collaborative effort to accomplish clearly stipulated contract objectives. Since coordination and teamwork are extensively thought to be important contributors to success, the importance of having well-developed contractual agreements among contracting parties and good contract administration protocol is indisputable. For change trends in the business environment show that the contractual relationships between parties to a contract are likely to become more multifaceted in the future, everything possible should be done to minimise the number of disputes and the impact they may have on the performance of projects. For this effect, the parties to a contract should have better appreciation of contract conditions and their interpretations. Besides, the data analysis of this research revealed that ‘Statement of work’, ‘Work schedule’, and ‘Performance reporting’ are the top three most important considerations to be deliberated while constructing good contract content. It also disclosed that effective contract administration can be realised only if both parties to the contract observe the terms and conditions of the contract and adhere to their rights and obligations, as appropriate. In addition, contract administration practices can be enhanced if both parties demonstrate a reasonable level of flexibility accompanied by the willingness and the ability to adapt the contract terms to reflect changing circumstances. Likewise, systematic and efficient planning, execution, monitoring, and evaluation activities boost contract administration protocols. Most importantly, ‘adequate planning and explicit specifications’ followed by ‘good governance and clarity of responsibilities’ were nominated by quite significant of the respondents as demonstrated or tested strategies for enhanced contract administration protocol. On the other hand, this research also uncovered that contract administration can be used as an imperative tool to mitigate fraud and corruption. Likewise, the study discovered evidences for the existence of proven strategies that enable to manage contractual disputes effectively and efficiently. Finally, after extensive analysis of the data, operational techniques of using contract administration as a tool for successful project undertakings have emerged as the most attention worthy finding of this study.
VL  - 6
IS  - 6
ER  -

Copy | Download

Author Information

Yehualashet Getahun Ayele

College of Business and Economics, Addis Ababa University, Addis Ababa, Ethiopia

Download PDF

Sections

Plain Text BibTeX RIS

APA Style

Yehualashet Getahun Ayele. (2020). Appraisal of Contract Administration Protocols for Successful Project Undertakings. International Journal of Finance and Banking Research, 6(6), 102-110. https://doi.org/10.11648/j.ijfbr.20200606.11

Copy | Download

ACS Style

Yehualashet Getahun Ayele. Appraisal of Contract Administration Protocols for Successful Project Undertakings. Int. J. Finance Bank. Res. 2020, 6(6), 102-110. doi: 10.11648/j.ijfbr.20200606.11

Copy | Download

AMA Style

Yehualashet Getahun Ayele. Appraisal of Contract Administration Protocols for Successful Project Undertakings. Int J Finance Bank Res. 2020;6(6):102-110. doi: 10.11648/j.ijfbr.20200606.11

Copy | Download

@article{10.11648/j.ijfbr.20200606.11,
  author = {Yehualashet Getahun Ayele},
  title = {Appraisal of Contract Administration Protocols for Successful Project Undertakings},
  journal = {International Journal of Finance and Banking Research},
  volume = {6},
  number = {6},
  pages = {102-110},
  doi = {10.11648/j.ijfbr.20200606.11},
  url = {https://doi.org/10.11648/j.ijfbr.20200606.11},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ijfbr.20200606.11},
  abstract = {This study is intended to fill a gap in the literature on contract administration protocols. Since no organization is self-reliant, often the acquisition of sought after resources and efforts from external sources come true through contractual agreements of some form. Thus, in a project environment, there are array of contracts which are perceived as important instruments that direct and govern every project move. This, as a result, demands well-established contract administration protocols. Contract administration is a collaborative effort to accomplish clearly stipulated contract objectives. Since coordination and teamwork are extensively thought to be important contributors to success, the importance of having well-developed contractual agreements among contracting parties and good contract administration protocol is indisputable. For change trends in the business environment show that the contractual relationships between parties to a contract are likely to become more multifaceted in the future, everything possible should be done to minimise the number of disputes and the impact they may have on the performance of projects. For this effect, the parties to a contract should have better appreciation of contract conditions and their interpretations. Besides, the data analysis of this research revealed that ‘Statement of work’, ‘Work schedule’, and ‘Performance reporting’ are the top three most important considerations to be deliberated while constructing good contract content. It also disclosed that effective contract administration can be realised only if both parties to the contract observe the terms and conditions of the contract and adhere to their rights and obligations, as appropriate. In addition, contract administration practices can be enhanced if both parties demonstrate a reasonable level of flexibility accompanied by the willingness and the ability to adapt the contract terms to reflect changing circumstances. Likewise, systematic and efficient planning, execution, monitoring, and evaluation activities boost contract administration protocols. Most importantly, ‘adequate planning and explicit specifications’ followed by ‘good governance and clarity of responsibilities’ were nominated by quite significant of the respondents as demonstrated or tested strategies for enhanced contract administration protocol. On the other hand, this research also uncovered that contract administration can be used as an imperative tool to mitigate fraud and corruption. Likewise, the study discovered evidences for the existence of proven strategies that enable to manage contractual disputes effectively and efficiently. Finally, after extensive analysis of the data, operational techniques of using contract administration as a tool for successful project undertakings have emerged as the most attention worthy finding of this study.},
 year = {2020}
}

Copy | Download

TY  - JOUR
T1  - Appraisal of Contract Administration Protocols for Successful Project Undertakings
AU  - Yehualashet Getahun Ayele
Y1  - 2020/12/04
PY  - 2020
N1  - https://doi.org/10.11648/j.ijfbr.20200606.11
DO  - 10.11648/j.ijfbr.20200606.11
T2  - International Journal of Finance and Banking Research
JF  - International Journal of Finance and Banking Research
JO  - International Journal of Finance and Banking Research
SP  - 102
EP  - 110
PB  - Science Publishing Group
SN  - 2472-2278
UR  - https://doi.org/10.11648/j.ijfbr.20200606.11
AB  - This study is intended to fill a gap in the literature on contract administration protocols. Since no organization is self-reliant, often the acquisition of sought after resources and efforts from external sources come true through contractual agreements of some form. Thus, in a project environment, there are array of contracts which are perceived as important instruments that direct and govern every project move. This, as a result, demands well-established contract administration protocols. Contract administration is a collaborative effort to accomplish clearly stipulated contract objectives. Since coordination and teamwork are extensively thought to be important contributors to success, the importance of having well-developed contractual agreements among contracting parties and good contract administration protocol is indisputable. For change trends in the business environment show that the contractual relationships between parties to a contract are likely to become more multifaceted in the future, everything possible should be done to minimise the number of disputes and the impact they may have on the performance of projects. For this effect, the parties to a contract should have better appreciation of contract conditions and their interpretations. Besides, the data analysis of this research revealed that ‘Statement of work’, ‘Work schedule’, and ‘Performance reporting’ are the top three most important considerations to be deliberated while constructing good contract content. It also disclosed that effective contract administration can be realised only if both parties to the contract observe the terms and conditions of the contract and adhere to their rights and obligations, as appropriate. In addition, contract administration practices can be enhanced if both parties demonstrate a reasonable level of flexibility accompanied by the willingness and the ability to adapt the contract terms to reflect changing circumstances. Likewise, systematic and efficient planning, execution, monitoring, and evaluation activities boost contract administration protocols. Most importantly, ‘adequate planning and explicit specifications’ followed by ‘good governance and clarity of responsibilities’ were nominated by quite significant of the respondents as demonstrated or tested strategies for enhanced contract administration protocol. On the other hand, this research also uncovered that contract administration can be used as an imperative tool to mitigate fraud and corruption. Likewise, the study discovered evidences for the existence of proven strategies that enable to manage contractual disputes effectively and efficiently. Finally, after extensive analysis of the data, operational techniques of using contract administration as a tool for successful project undertakings have emerged as the most attention worthy finding of this study.
VL  - 6
IS  - 6
ER  -

Copy | Download