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The Contract Process - Essay Example

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A contract involves a legally binding agreement between two or more parties whereby, the parties agree to full fill certain terms and condition before the expiry of the contract. To be effective and efficient, Coca-Cola Company should establish a proper contract process. In…
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The Contract Process
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Download file to see previous pages onal Development Professional of Coca-Cola Company, I will create several contract process intervention measures to ensure that the profitability of the company and employees morale is increases as well as ensure that the company market share increases. Among the intervention measures that will be undertaken include; application of contracting tools and techniques. Among the tools and techniques to be employed are defining the proper contract process that should be followed by the company. A Contract process in this case will involve; initiation phase, bidding phase, contract development phase, contract management phase and closure phase. The above phases should be strictly adhered to ensure that Coca-Cola Company does not lose its financial resources via awarding supply contracts to unqualified contractors. The Initiation phase further focuses at defining the contract requirements as well as activities that must be fulfilled. In this phase a contract is determine where it is a contract of sale, procurement contract, commercial agreements, a contract of partnership among others forms of contract (Frey, 2012).
Under the bidding phase, the organization invites highly qualifiers vendors to apply for the contract. The organization stipulates the qualifications for that must be met by the applicants prior submitting their application. This may involve submission of necessary documents required, amount of cash and the procedure that the applicants should follow when submitting their bids. After the applicants have submitted their bids the contract management committee reviews their application and invite the most appropriate applicant to sign the contract. The contract move into another phase known as contract development phase where the project is being monitored and financial resources utilized to enable efficient execution of the contract. The contract management phase is also undertaken to ensure that resources are properly utilized for proper execution of the ...Download file to see next pagesRead More
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